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    Release Notes WFM UK: IBAN Compliance (SEPA)

    The Change

    SEPA - or the Single Euro Payment Area - is an important initiative that has simplified transactions across the Eurozone (those countries that have adopted the Euro as their currency). SEPA allows businesses to make and receive Euro payments in the same way that they would domestic transactions. SEPA is an ongoing project and aims to continually improve the efficiency of cross-border payments. To achieve this International Bank Account Numbers (IBANs) number are critical. IBANs were introduced to standardise the identification of bank accounts internationally.
     
    On February 01, 2014 all retail credit transfers and direct debits in the euro area need to fulfil SEPA requirements
     
    This document outlines the two changes below.
     
     
    Release Date: 30-Jan-2014
     

    Reason for the Change

    Legislative requirement, click this link for further details.
     

    Customers Affected

    All People System customers who pay employees in Euros (€) only.
     

    Release Notes


    1. 143222 – Addition of IBAN Field to Bank Details

     
    Path: HR or Payroll > Employees > Employee List > Search for & click on the Employee Record > Employee Info Menu > Employment Details > Click on the Bank Details.
     
    Fig. 1 - Edit Bank Details Page
     
    Fig 1 - Edit Bank Details Page
    • A new field to store an employee’s IBAN number has been added to the Bank Details page of an employee’s record. This field will appear for all customers but is only relevant to customers that pay their employees in Euros (€) and the IBAN is needed by their payroll provider.
    • The format and length of an IBAN varies from country to country the following is an example of an IBAN number that is associated with a British bank account: ‘GB29 RBOS 6016 1331 9268 19’.
    • Up to 34 characters may be entered in this new field.
    • The system performs validation where it checks that the first two characters are text and that they are a valid country code. 
     

    2. 145273 – Addition of IBAN Field to Custom Report Writer

     
    With the addition of the IBAN field in 143222, the ability to report on this field has also been developed.
     
    Fig. 2 - Bank Details Report Group Fields
     
    Fig  2 - Bank Details Report Group Fields
    • Path: HR or Payroll > Reports > Custom Reports > Create a new Employee Details Report or Edit an existing one.
    • Select ‘Bank Details’ from the Report Group drop-down list.
    • Select the IBAN field as in Fig 2 above.
    • Fig. 3 below shows a sample report with the data from the IBAN field included.
     
    Fig. 3 - Sample Report
     
    Fig 3 - Sample Report
     

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