CloseNext >

 

UK accounts: preparing your SEPA transactions for a ’No-Deal Brexit’

Last updated: 8 October 2019

On 7 March 2019, the European Payments Council (EPC) Board approved the application from UK Finance, on behalf of UK Payment Service Providers (PSPs), for their continued participation in the EPC SEPA payment schemes in the event of a ’No-Deal Brexit’.

If a ’No-Deal Brexit’ occurs on 31 October 2019, the UK would leave the European Union immediately and the UK will be considered as a non-European Economic Area (‘EEA’) SEPA country. However, SEPA transactions with UK accounts will be possible provided they are aligned with SEPA regulations for non-EEA countries.*

What this means for you

In the case of a ‘No-Deal Brexit’, as of 1 November 2019, HSBC will not be allowed to process SEPA Direct Debit (SDD) transactions involving a UK-based account(s) without debtor address.

To avoid payment rejections, you will need to include the full address details of the Debtor in your SEPA Direct Debit payment files where the UK debtor account(s) is in the UK.

Note, you are not required to make any changes to the format of your SEPA Credit Transfers. We'll continue to process your credit transactions as we do today.

Find out more

Our support teams will be happy to support you during the transitionary period. For more information, please contact your Relationship Manager or Client Services representative.

 

* For more information please refer to: https://www.europeanpaymentscouncil.eu/news-insights/news/operational-implications-no-deal-brexit-sct-and-sdd-transactions

This link will direct you to a non-HSBC website. HSBC has no control over the linked websites and is not liable for your use of them. Please read the terms and conditions of the linked websites, as these will differ to those of HSBC.

 

Back to top | CloseNext >