Infor on the Road 2013 Cashbook SEPA

Cashbook Software
Cashbook Presenter: Greg Coulter

Introductions

Greg Coulter: Managing Director
•13 Years Cashbook
•CIMA Qualified Accountant
•Electronic Banking Projects in 10 different countries
•Specialist in SEPA & Cash Automation Projects

Copyright © 2013. Infor. All Rights Reserved. www.infor.com

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What We Do


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www.cashbook.com since 1992


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Bank Interfaces – 180 & Counting

Copyright © 2009 Infor. All rights reserved. www.infor.com.

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Cashbook Modules
Cash Application Automation
 BAI2 Files, Lockbox
 MT940 Files, Bank Statement Automation
 EDI Files, Excel Files
 Direct Debits*, SDD, AR Drafts, Factoring

Reconciliation
 Bank Reconciliation

Payments
 Electronic Payments (Pay invoices in ERP) – SCT – SEPA compliant
 Global Payments (Pay invoices in Cashbook) – SEPA compliant

Cash Manager
 Cash Received, Paid, Bank Balances, Daily/Weekly/Monthly

 Open AR, Open AP, Customers, Vendor History

www.cashbook.com

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SEPA Basics

• What is SEPA?
The Single Euro Payments Area (SEPA) is the payments integration initiative of the European Union for simplification and
harmonisation of bank transfers.
Key Objectives:
The project’s aim is to turn the fragmented national markets for Euro payments into a single domestic one
SEPA Deadline: 1st February 2014
Since January 2008, SEPA credit transfers and direct debit transfers have been in operation. Euro States must migrate to
the SEPA standards before the SEPA migration end-date of 1st February 2014 & Non Euro States for 31st October 2016.
Which currencies are eligible for SEPA?
Euro currency transactions only.

• Replaces existing National Format with a single common format for Electronic Payments


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Post SEPA Payments Enriched MT940
Debtor Bank
SEPA – 140 Characters

Creditor Bank
Enriched & Standardized MT940


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The SEPA Credit Transfers (SCT) Rules

• A customer involved in a Credit Transfer payment can only be charged by their own payment service provider
• Facilitates lower transaction charges for payments across SEPA Zone from a single Euro bank account
• 140 characters of remittance information are delivered without alteration or omission from the payer to the payee
• Easy identification of a payment through specific data fields which clearly indicate payment types (i.e. salaries or taxes)
• Pre-agreed timeframes for delivering Credit Transfers provide certainty for cash collection
• Facilitates automatic reconciliation of incoming payments with outstanding invoices based on the ISO Creditor Reference
Standard (ISO 11649)


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The SEPA Direct Debits (SDD) Rules
• Lower transaction charges and only one euro account required by the biller for collecting
funds across 32 SEPA Zone countries
• Facilitates the option of either a SDD Core scheme aimed at private individuals or SDD
B2B Scheme available only to businesses
• Payers allowed a ‘no questions asked’ refund during eight weeks following the debiting of a
payers account. In the event of unauthorised direct debits, the SDD Core scheme allows
for a refund up to thirteen months
• Both SEPA Direct Debit schemes can be used for once off or recurrent direct debit
collections. For the SDD Core Scheme once off direct debit the notice period is five days
and for subsequent instructions the notice period is two days prior to the due date
• SEPA Direct Debits facilitate R-transactions whereby a number of different scenarios are
catered for including Returns, Refunds, Reversals and Rejections
• Users benefit from the PE-ACH (Pan European Automated clearing House) which plays a
pivotal role in the processing of incoming R-transactions
• Businesses need the ability to store Direct Debit Mandate information to comply with
regulations


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Cashbook SCT – Process Flow
SEPA - XML

AP
Module
B
A

C
General
Ledger

KEY:
A: Real Time Data from Paid invoices in AP Module to CASHBOOK
B: Electronic File sent from CASHBOOK to Bank
C: Electronic Email sent to Vendor from CASHBOOK


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Direct Debits & Customers – Via SDD
SEPA - XML
AR
Module
A

B

D
C

General
Ledger

CUSTOMER

KEY HIGHLIGHTS :
A: Real Time Data from AR sub ledger to CASHBOOK
B: Electronic File or Check sent from CASHBOOK to Bank or Customer
C: Electronic Email sent to Customer from CASHBOOK detailing payment
D: Simultaneous Updates to AR sub ledger & General Ledger

www.cashbook.com

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Cashbook Dual Process: Integrated Banks & Remittances
Customers

MT940

BAI2

Images
PDF

Excel

EDI

‘Get Remit’ action

Update/Post to ERP
System


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The SEPA Direct Debits (SDD) Rules

Current Scheme - Mandates
• the original mandate is either physically held and managed by the debtor bank or managed by the creditor.
• Mandate may be on paper, captured online or by telephone voice recording.
• First six characters of the Mandate Reference must remain unchanged, the remaining 12 characters can be variable.
SEPA - Mandates
• The original mandate is physically held and managed by the creditor.
• Creditor must hold the original mandate for the entire lifetime of the agreement and a minimum of 13 months after the last
debit is presented.
• Mandate default is in paper format. Cross border mandates must be in paper format.
• The debtor is ultimately responsible for cancelling the mandate and informing the creditor.
• The Unique Mandate Reference (UMR) must be unique for each mandate and must be submitted unchanged for each
collection.


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SCT & SDD: Annual SEPA Rules Changes

• Effective date of SCT and SDD Rulebook versions published in November 2012 will be 1 February 2014!
• Based on the established release management cycle, the SCT Rulebook version 7.0, SDD Core Rulebook version 7.0
and SDD Business to Business (B2B) Rulebook version 5.0, published in November 2012, would normally take effect on
16 November 2013.
• The EPC decided in December 2012 to postpone publication of the next generation rulebooks (SCT Rulebook version
8.0, SDD Core Rulebook version 8.0 and SDD B2B Rulebook version 6.0) and associated implementation guidelines to
November 2014. These rulebook versions will then take effect in November 2015.


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SDD: R Transactions
R type

Description
Rejects are Collections that are diverted from normal execution, prior to inter-bank Settlement, for the following reasons:
• Technical reasons detected by the Creditor Bank, CSM, or Debtor Bank, such as invalid format, wrong IBAN check digit

Reject

• The Debtor Bank is unable to process the Collection (e.g. account closed, Customer deceased, account does not accept direct debits).
• The Debtor made a Refusal request to the Debtor Bank. The Debtor Bank will generate a Reject of the Collection being refused.

Refusal

Refusals are claims initiated by the Debtor before Settlement, for any reason, requesting the Debtor Bank not to pay a Collection. This Refusal must be handled by the
Debtor Bank in accordance with the conditions agreed with the Debtor. If the Debtor Bank agrees to handle the claim prior to inter-bank settlement, the Refusal results
in the Debtor Bank rejecting the associated Collection.
(Note: In addition to this ability to refuse individual transactions, the Debtor has the right to instruct the Debtor Bank to prohibit any direct debits from his bank account).
When handled after Settlement, this Refusal is referred to as a Refund claim. (See description underneath in the Refund section).

Return

Returns are Collections that are diverted from normal execution after inter-bank Settlement and are initiated by the Debtor Bank.

Reversal

Reversals: When the Creditor concludes that a Collection should not have been processed a Reversal may be used after the Clearing and Settlement by the Creditor
to reimburse the Debtor with the full amount of the erroneous Collection. The Rulebook does not oblige Creditor Banks to offer the Reversal facility to the Creditors.
For Debtor Banks, it is mandatory to handle Reversals initiated by Creditors or Creditor Banks. Creditors are not obliged to use the Reversal facility but if they do so, a
Reversal initiated by the Creditor must be handled by the Creditor Bank and the Debtor Bank. Reversals may also be initiated by the Creditor Bank for the same
reasons. Debtor Banks do not have to carry out any checks on Reversals received.

Revocation
Request for
cancellation

Refund

Revocations are requests by the Creditor to recall the instruction for a Collection until a date agreed with the Creditor Bank. This forms part of the bilateral agreement
between Creditor and Creditor Bank and is not covered by the Scheme.
Requests for cancellation are requests by the Creditor Bank to recall the instruction for a Collection prior to Settlement. This forms part of the bilateral agreement
between Creditor Bank and CSM and is not covered by the Scheme.
Refunds are claims by the Debtor for reimbursement of a direct debit. A Refund is available for authorised as well as for unauthorised direct debit payments in
accordance with the rules and procedures set out in the Rulebook. A request for a Refund must be sent to the Debtor Bank after Settlement and within the period
specified in section 4.3.
The Debtor Bank has the right to receive compensation, called the Refund compensation, from the Creditor Bank for the related interest loss incurred by the Debtor
Bank. See PT-04.16 for the detailed description.


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Screen Print Example
AR Drafts, AR Remittance Batches,
Factoring Batches, Factored
Invoices, Transmissions

Journals are the key
control

Status tells users about
the journal /batch status

Every batch originates
from a bank account

Cash Journals for bank postings
Bank Journals for reconciliations
ACR journals for Direct Debits


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Thank You


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Infor on the Road 2013 Cashbook SEPA

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