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SEPA - what does it mean?


Driven by the European Commission, SEPA (Single Euro Payment Area) will standardise electronic payments and eliminate all differences between domestic and cross-border Euro transactions. From 1 February 2014, this will be the only accepted electronic payment method in the Euro Zone and we need to make Vodafone SEPA compliant to make payments/collections after that date.

The most significant change relate to the use of Bank Identifier Code (BIC) and International Bank Account Numbers (IBAN) as the primary account identifiers rather than National Sort Code (NSC) and Account Number, and the introduction of a new file format (ISO 20022 XML).

In addition for every direct debit set up by a customer, Vodafone Ireland will issue a unique mandate reference (UMR).

You can get your BIC and IBAN numbers by clicking here.

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