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PRIMAVERA Management Software Prepared for Single Euro Payments Area

From February 1st, all payments carried out in euros by means of Credit Transfers and Direct Debits will need to meet the technical requirements established by the SEPA (Single Euro Payments Area).

The Portuguese technology company PRIMAVERA BSS has just announced that the more than 20,000 companies with continuity contracts that use the PRIMAVERA business management (ERP) software are now fully compliant with the new SEPA (Single Euro Payments Area) Community standard, which will enter into force on February 1st.

"SEPA will make it easier for companies to manage their accounting, especially if they maintain commercial relations with other entities within the SEPA zone”, saysPaulo Dias, Product Manager at PRIMAVERA BSS. "Their only requirement is a bank account, in order to carry out, in a centralized manner, all their financial transactions in euros within the SEPA zone, since the processing of payment and collection operations will be simpler when the same methods and formats of communication with the bank are used. The same levels of service and quality are guaranteed, as is the elimination of cost differences between domestic and international transactions”.

The Single Euro Payments Area (SEPA) results from European Parliament and Council Regulation no. 260/2012, which establishes new technical and business requirements for Credit Transfers and Direct Debits carried out in Euros, covering the 28 European Union member-states and Iceland, Liechtenstein, Norway, Monaco and Switzerland.

This Community standard aims to make bank payments in Euros compatible by enabling consumers, companies and public entities to order and receive payments in Euros, both between different countries (transnational payments) and within them (national payments), using a single bank account and subject to the same conditions, rights and obligations. With the SEPA, all bank payments in Euros will be "domestic” payments, and there will no longer be any difference between national and international payments within the Eurozone.