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.

Pre-requisites

• FinDock is installed and configured.
• You have a contract with a European bank to process SEPA payments

Install SEPA extension

Follow the standard procedure for installing payment processors to add the SEPA for PaymentHub extension and activate the Credit Transfer payment method.

Check and assign the required permissions. If you are using custom permission set groups, ensure the package-specific permission sets are assigned.

Add a target for SEPA Credit Transfer

If you already have created SEPA targets, you can use that target for SCT or add a new one. However, for an SCT target, you need to check the Enable bulk payments setting in the target configuration to be able to make bulk disbursements.

Credit transfer process

The process and tooling for creating payable installments needs to be defined by your organization. Please note that new payable installments have the default status Outstanding. The status should be changed to New (or Pending) before or as part of a credit transfer approval process.

FinDock uses the payment schedule to for bulk disbursements. 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 generates a credit transfer file you send to your bank.

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.

Data quality for disbursements

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>

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.

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.