Ecommerce Europe, in association with a number of pan-European stakeholders representing the digital, retail and payments sectors, has co-signed a letter addressed to the European Payments Council regarding the extended remittance information for SEPA payments. In the letter , the signatories are reiterating their strong support for the elimination of the current limitations in the SEPA schemes. From a Corporates’ perspective, the full benefits of SEPA can only be realised if SEPA payments are accompanied by efficient and standardised payment communication and reconciliation. The current SEPA scheme limitations do not fulfill these expectations as the SEPA scheme limits remittance information both in form and in length, contrary to the underlying ISO20022 standard.
For these reasons the following requests are made to the EPC:
- The remittance information should be extended to multiple amount of occurrences of structured remittance information.
- The current limit of 140 characters should be extended and both structured and unstructured information should be allowed within the same payment message.
- Any extension of remittance information should be done end to end via the currently used ISO 20022 messages and should flow from the originator through PSPs/ACHs to the beneficiary.
To read the full letter, please click here.