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Becoming SEPA compliant

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Problems associated with the implementation of SEPA CREDIT TRANSFER (SCT)

1.The "RIB" code is no longer valid, BIC and IBAN codes are necessary


Issue

NEOFI Link answer

The extension of the codification to European and international zones requires the usage of internationally standardised codes. However, the frames of reference of your different applications may not yet include these new standards, or if they do, the references may need complementing.

Not only does NEOFI Solutions integrate RIB→ IBAN conversion functions on the fly, but it also allows the enhancement of BIC codes to be directed by an online banking service or SWIFT. NEOFI Link can even go as far as to update your different frames of references or keep a single frame of reference for banking details up to date.


2. It is necessary to generate messages in XML format in accordance with the ISO 20022 standards


Issue

NEOFI Link answer

The transition to SEPA requires the use of files in the International Payment Initiation XML ISO 20022 format in place of the national formats CFONB AFB160 and AFB320.

NEOFI Link makes it possible to create SCT XML ISO20022 messages from various sources and extensions, for example AFB160, AFB320, ExcelTM folders, SQL databases... variable validation rules allow the trigger of alerts or validation demands.


3. The transmission of orders to banks


Issue

NEOFI Link answer

In addition to the SEPA project, the ETEBAC protocol and the X25 infrastructure are currently being reconsidered, competition is emerging between the new protocols... In this climate of change, the question is how best to make durable investments in the area of bank communication.

NEOFI Link, with its option NEOFI Banking, will take charge of the transmission, daily updating, reporting and matching of confirmation or error messages received from banks. The modes of transmission possible are being added to all the time. Currently, these modes include ETEBAC-3, PeSIT X25, PeSIT IP, FTP, FTPS and SWIFTNet.