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The SEPA (Single Euro Payments Area) is a self-regulatory initiative by the European banking sector represented in the European Payments Council, which defines the harmonization of payment products, infrastructures and technical standards (Rulebooks for credit transfer/direct debit, BIC, IBAN, ISO 20022 XML message format, EMV chip cards/terminals).
ISO 20022 is an ISO standard for electronic data interchange between financial institutions. It describes a metadata repository containing descriptions of messages and business processes , and a maintenance process for the repository content.
A chart of accounts (COA) is a list of financial accounts and reference numbers, grouped into categories, such as assets, liabilities, equity, revenue and expenses, and used for recording transactions in the organization's general ledger. Accounts may be associated with an identifier (account number) and a caption or header and are coded by ...
SWIFT message types are the format or schema used to send messages to financial institutions on the SWIFT network. The original message types were developed by SWIFT and a subset was retrospectively made into an ISO standard, ISO 15022. In many instances, SWIFT message types between custodians follow the ISO standard. [1]
There are no Swedish legal restrictions in charts of accounts, however most parts of the society are commonly and voluntarily using the BAS services and charts. The SIE (file format) developed with BAS in mind, is used to transport data between different accounting software in the Swedish market. It is commonly used as interfaces between ...
Routing data elements are encoded in XML and secured through signing and encryption using X.509 PKI certificates, which replaced the older RSA keys. Signing and encryption were optional until version 3.0, after which they became mandatory. The EBICS transmission protocol can be used to wrap SEPA-XML statements as they come forward.
The Creditor Reference (also called the Structured Creditor Reference) is an international business standard based on ISO 11649, implemented at the end of 2008. Using Creditor Reference, a company can automatically match its remittance information to its A/R. This means that the company's financial supply chain's automated processing will be ...
The Single Euro Payments Area (SEPA) is a payment integration initiative of the European Union for simplification of bank transfers denominated in euros.As of 2020, there were 36 members in SEPA, [2] consisting of the 27 member states of the European Union, the four member states of the European Free Trade Association (Iceland, Liechtenstein, Norway and Switzerland), and the United Kingdom.