What's changing 

The ISO 20022 is a standard for data exchange between financial institutions, and is the messaging standard used for SEPA payments.

If you use SEPA payments, you need to make ensure your employee records have the required information to adhere to these changes. 

The fields are BIC, execution date and post address fields. The changes affect SEPA Credit Transfer, SEPA Direct Debit and Multi Currency payment files. This impacts all businesses making payments to countries where SEPA is in use.

Sage Payroll

Due to these changes, you can now download two versions of the SEPA file, V.03 and V.09.

Contact your bank to check which file version you need.

To download a SEPA file, you must have a Town/City entered for your business and each employee in their record.

For more information, read Paying your employees electronically.