Customers with accounts in the Eurozone: requirements for SEPA End Date Regulation The mandatory deadline for all legacy Euro transactions within the Eurozone to migrate to harmonised SEPA schemes for both Credit Transfers and Direct Debits was 1 February 2014 (the “Original End Date”). However, the European Parliament has endorsed an additional transition period which permits the processing of non-SEPA compliant payments (legacy payments) alongside SEPA Credit Transfer (SCT) and SEPA Direct Debit (SDD) transactions for a period of up to six months after the Original End Date. Ireland, Belgium, Malta and Spain have determined shorter transition periods. To learn more about SEPA key changes and how HSBC can help, you are encouraged to review our SEPA Migration Guide and to speak with your migration or sales manager about the latest updates. HSBCnet enhancements for SEPA integration For customers using HSBCnet on-screen input for ACH payments: As a reminder, customers previously using HSBCnet screens for Euro ACH payments have already been entitled to the HSBCnet Eurozone payment screen. This screen enables SCTs if instructions are created with the beneficiary BIC / IBAN details. Legacy payment templates for repeated ACH transactions have also been automatically converted for your use in the Eurozone screen. The original ACH template ID is prefixed with the letter S so that they are easy to locate. Please make sure you check that the beneficiary details are correct before using the new templates and ensure you pay special attention to the relevant information such as the BIC and IBAN. For customers using HSBCnet on-screen input for ACH direct debits: Due to the additional data requirements and new obligations introduced by SEPA to Direct Debit Creditors, all SDD transactions through HSBC can only be initiated using ISO 20022 XML files. The existing HSBCnet Euro ACH direct debit in country screens will be available until 1 August 2014 and demised after this date for all countries except Ireland, Belgium, and Spain. For these countries, the dates are as follows:   Direct Debits Ireland 1 April 2014 Belgium 1 April 2014 Spain 4 June 2014 If you currently input direct debits manually through these screens and wish to collect SDDs going forward, you will need to migrate to XML file submission via HSBCnet File Upload service or other host-to-host channels. For file-based customers using HSBCnet File Upload services: As outlined earlier, ISO 20022 XML replaces the domestic Euro ACH formats of most of the Eurozone countries and will be the only permitted file format after the final End Date (subject to country ‘derogation’). For all countries except Ireland, Belgium, Malta and Spain this date has been determined to be 1 August 2014. For these countries, the dates are as follows:   Credit Transfers Direct Debit Ireland 1 April 2014 1 April 2014 Belgium 1 April 2014 1 April 2014 Malta 1 May 2014 1 August 2014 Spain 18 March 2014 4 June 2014 Payment instruction files in local ACH formats will not be accepted after these dates. To make a SEPA payment or collection, you may need to submit XML files and ensure the necessary information such as counterparty BICs / IBANs are included. For further assistance If you have any additional questions please don’t hesitate to speak with your HSBC representative. Furthermore, if you are not in a position to move to XML, have questions concerning your current formats, or need guidance with XML requirements, our SEPA migration experts are more than happy to provide support. You can identify and reach experts for your specific location by visiting http://www.hsbcnet.com/sepa.
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