A country specific update is available to support SEPA export formats for remittance journal in Promissory Notes and Bill of Exchange in Microsoft Dynamics AX 2009 SP1, Microsoft Dynamics AX 2012 and Microsoft Dynamics AX 2012 R2

INTRODUCTION

This article describes that a country specific update is available to support SEPA export formats for remittance journal in Promissory Notes and Bill of Exchange in Microsoft Dynamics AX 2009 SP1, Microsoft Dynamics AX 2012 and Microsoft Dynamics AX 2012 R2.

The Single Euro Payments Area (SEPA) is an initiative by the European Commission in which all electronic payments are considered domestic, regardless of the country or region where the individual, business, or organization, and the bank are located. Within this area, there is no difference between national and cross-border payments. The SEPA includes the 28 European Union (EU) member states, plus Iceland, Liechtenstein, Norway, Switzerland, and Monaco. The SEPA helps form a single market for payment transactions within the European Economic Area (EEA). Ultimately, the SEPA is expected to reduce the number of payment formats that banks, businesses, and individuals must work with.

A SEPA credit transfer is a payment from one company or individual to another company or individual. Payments must be in euros. Payments must include the International Bank Account Number (IBAN) and the Bank Identifier Code (BIC), also known as the Society for Worldwide Interbank Financial Telecommunication (SWIFT) code, for both parties. Also, transaction costs must be shared between both parties.

A SEPA direct debit lets a creditor collect funds from a customer's bank account, provided that a signed mandate has been granted by the customer to the creditor. The customer signs a mandate that authorizes the creditor to collect a payment and instructs the customer's bank to pay the collection.

Microsoft Dynamics AX will support only generic format and country formats for the specified countries or regions: Austria, Belgium, Finland (support only for credit transfer), France, Germany, Italy, Spain and The Netherlands.

Microsoft Dynamics AX 2009 users already have their method of payment setup in the following location to use the SEPA Direct Debit export format:
For more information about how to configure the outbound port, go to the following Microsoft website:
Microsoft Dynamics AX 2012 and Microsoft Dynamics AX 2012 R2 users already have their outbound port configured. For more information about how to configure the outbound port, go to the following Microsoft website:
If outbound port was already previously configured for Direct Debit, in that case, it needs to reselect "Export service operations" in Service contract customizations part and then enable all Data Policies.