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Product Update 415: New transaction grouping type and non-Euro credit transfer supported for SEPA

The credit transfer functionality for Single Euro Payment Area (SEPA) has been further enhanced. The new enhancements are applicable to all existing countries, and all currencies listed in the EPC of SEPA Scheme Countries, except for the following four countries:

• Aland Islands,
• Canary Islands,
• Saint Barthelme, and
• Saint Martin.

The following enhancements have been made to the credit transfer functionality:

Single transaction grouping

The credit transfer transactions for SEPA can now be grouped by the Single option. By selecting this option, each transaction in the bank payment file will be displayed in an individual payment information block.

This new option can be selected under the SEPA credit transfer section, in the Settings tab of the cash instruments maintenance screen.

New bank payment file for European and non-Euro credit transfer

A new generic bank payment file has been made available to support both the European and non-Euro credit transfers. The generic bank payment file will be able to generate the SEPA credit transfer (SCT) PAIN format, PAIN.001, and will accommodate the following types of credit transfers:

• Domestic credit transfer: A domestic credit transfer is a payment in the local currency from one local bank to another local bank.
• Foreign credit transfer: A foreign credit transfer is a payment in the local currency, or foreign currency, from a local bank to a foreign bank.

In addition, a field has been added each in the cash instrument screen, and in the offset bank account maintenance screen. These fields allow users to define the code and bank identifier values.

The Clearance identification field has been added under the SEPA credit transfer section in the Settings tab of the cash instrument screen. It is optional to define this field, and it supports up to 20 alphanumeric characters. The alphanumeric characters can only be defined for the first five characters, followed by numeric characters. Whereas, when numeric characters are defined, no alpha characters are allowed to be defined at this field.

The Clearance identification field has been added in the offset bank account maintenance screen. The behavior of this field is the same as the Clearance identification field in the cash instrument screen.

For more information, see Product Updates 414 and 413: Euro and non-euro transactions supported for the SEPA credit transfer format PAIN.001.001.03 (all legislations).