Configuring and using SEPA Credit Transfer

SEPA Credit Transfer (SCT) is a credit transfer scheme for Euro payments within the SEPA zone. The scheme includes a number of rules outlined by the European Payments Council rulebook. The latest version of the rulebook is an important place to start before using SCT. There are expectations on each key role in the scheme.

Install and activate SEPA extension

The SEPA for PaymentHub package installation procedure is the same for any payment extension. For further information, please see Installing FinDock packages. For activating payment extensions, please see Activating payment extensions.

Check and assign the required permissions for FinDock and SEPA features. Ensure all package-specific permission sets are correctly assigned.

Enable SEPA Credit Transfer

By default the SEPA Credit Transfer functionality is not enabled on your Salesforce organization. It’s a restricted add-on feature. Please contact FinDock to get this functionality enabled.

Configure target for SEPA Credit Transfer

A “target” in FinDock determines through which bank a transaction is routed. In the case of SCT, it is the account for the credit transfer originator. In addition, when importing CAMT files for reconciliation, FinDock uses targets to only process bank statements for IBANs that are present as a target.

To complete the SEPA Credit Transfer configuration, add your target(s) as needed. For instructions, see Creating SEPA targets. In addition to the regular SEPA target configuration, you need to also enable bulk payments for the target.

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You can also use an existing target with type SEPA to collect direct debits, execute credit transfers and reconcile bank statements.

Using SEPA Credit Transfer

note

The FinDock SCT implementation currently does not support recurring payments or recurring opportunities.

Credit transfer process

FinDock uses the Payment Schedule object to perform bulk payment operations. Credit transfer payment schedules define a specific set of installments with payment method Credit Transfer for disbursement. The payment schedule process validates the data quality of the related records and generate a credit transfer file for you to upload to your bank.

Data quality validation

To ensure payment schedules and related installments have correct data, FinDock automatically runs validation checks on all fields using a specific ruleset for SEPA Credit Transfer.

The validation is part of the process path, and the step details guide you to re-run the validation step should something fail.

The FinDock Data Quality component can also be used to validate data on individual installments (and re-run validation of schedules). Note that validation only confirms that data is valid according to the FinDock format and structure rules. The correctness of data is not checked by validation rules, e.g. if a customer name is misspelled, it is valid but not still correct.

Content of generated file (PAIN.001.001.03)

Tags all part of <CstmrCdtTrfInitn.PmtInf>

Salesforce Field	PAIN.001 Tag	Example
Installment > Payment Method	PmtTpInf.SvcLvl.Cd	SEPA (fixed value)
Payment Schedule > Collection Date	ReqdExctnDt	2021-09-30
Target > IBAN	DbtrAcct.Id.IBAN	NL13RABO0114232938
Installment > Final Payment Reference	CdtTrfTxInf.PmtId.EndToEndId	316735434382366736388
Installment > Amount open	CdtTrfTxInf.Amt.InstdAmt Ccy=”EUR”	10.00
Installment > Payment Profile > Holder Name	CdtTrfTxInf.Cdtr.Nm	John Johnson
Installment > Payment Profile > IBAN	CdtrAcct.Id.IBAN	NL98TRIO0254712320
Installment > Bank Statement Description	RmtInf.UstrdvRefund of payment

More details about what data is required in what format can be found in the FinDock Data Quality description and by running the Data Quality component.

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A hash code is generated for the credit transfer file and stored on the payment schedule record. You can use this, for example, to compare with the hash created by the bank.

Reconciling credit transfers

To find out whether your payments have been executed, you can upload your bank statement files to Chatter and match them against your Salesforce data. Every transaction in your bank statement file will create a transaction record in FinDock.

Credit transfers can be unsuccessful for various reasons. When FinDock matching finds an installment that is not executed correctly, FinDock does the following:

• The installment status is updated to Reversed.
• The installment open amount is updated.
• The installment will be linked to the transaction.
• The installment Last Reasoncode field is updated with the reported reason code from the transaction.
• A payment is created that is linked both to the installment and transaction
• The transaction status is updated to Matched

To help you identify why the payment failed, error codes are provided by your payer’s bank. Reason codes for unsuccessful credit transfers are stored both on the installment and the transaction record. To find out what all reason codes mean and how they could be fixed, please refer to the official SEPA Credit Transfer documentation.

After the data has been corrected in Salesforce, you can include the installment for retry by updating the status to Pending Recollection and running a new payment schedule.

SEPA Credit Transfer and international payments

With SEPA Credit Transfer, you can send disbursements throughout the SEPA zone. Although the disbursements are always in euros, you can make remittance payments to accounts in European countries that use other currencies. This includes non-EU countries such as Norway, and EU members such as Poland and Hungary.

However, for beneficiaries with an account outside the European Economic Area (EEA), both a BIC and address for the beneficiary must be provided to complete the remittance.