SEPA
SEPA (Single Euro Payments Area) payments are used for non-urgent, standardized Euro transfers within and between 41 SEPA-reachable countries. All transfers must be in Euro (EUR). Transfers clear within one working day when initiated before the bank's cut-off time.
For NetSuite users, the Entity Bank Details bundle is required to process SEPA payments through the plugin.
Key Terms
Below are some key terms to help you navigate the instructions and setup for SEPA payments more easily.
Term | Definition |
|---|---|
International Bank Account Number (IBAN) | A standard international numbering system developed to identify an individual’s account at a financial institution. The structure consists of a two-letter country code, followed by two digits and up to 30 alphanumeric characters. |
SWIFT/BIC Code | A Business Identifier Code (BIC), also known as a SWIFT code, is an 8-to-11-character alphanumeric code that uniquely identifies financial institutions. Note: If the BIC is unavailable, you must provide the bank's full name and address instead. |
Vendor and Bill Requirements
To prevent payment delays or returns, all payments are required to have the following requirements:
Vendor Record
The Entity's full name and address must be accurately populated on the Vendor record.
Billing Address and Location
The Billing Address under the Entity and the Bill (if applicable) must be located in the country of destination and must match the country specified in the Entity Bank Details record.
Payment Requirements
Payment Context
- Swift BIC Country Code: GB (or relevant 41 SEPA country code)
- Method: SEPA Credit Transfer (SCT)
- Country: United Kingdom (or any SEPA zone country)
- Currency: EUR Only
Requirement Information
Provide IBAN (required)
Provide BIC code (required)