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Implementation
Nordea recommends that all companies should become familiar with the changes that SEPA will bring along and as soon as possible start negotiations with their local ERP (Enterprise Resource Planning) and EBS (Electronic Banking Systems) providers as the new standards will require modifications to their systems.
In general, Nordea will be compliant with the SEPA Credit Transfer Scheme during 2008 and with the SEPA Direct Debit Scheme (for payment collections in euro) as from the end of 2009 – subject to implementation of the PSD. However, Nordea recommends SEPA Direct Debit for cross-border collections only. Nordea’s VISA and MasterCard branded payment cards are SEPA compliant when equipped with the EMV chip.
