The implementation deadline for SEPA is set to be 9 months for being able to receive instant payments and 18 months for being able to send them. SEPA instant mandate also comes with mandatory IBAN checks on all new payees and daily sanction checks on your client base. Also, SEPA participants who currently provide SEPA CT and DT should perform the following action items:
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- Review and potentially upgrade sanction screening systems.
- Adapt batch-based processes to handle real-time transactions.
- Strengthen fraud detection systems.
- Assess system resilience for 24/7/365 instant payments.
- Implement IBAN-name matching and service deactivation options.
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SEPA Instant Mandate Checklist You Need to Know
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