As you probably already know from your bank, the SEPA scheme for payment transactions with the EU comes into effect on 1 February 2014 (in accordance with EU directive 260/2012). Bank account numbers and sort codes will be a thing of the past and replaced with IBAN (International Banking Account Numbers) and BIC (Bank Identifier Codes) for all businesses in Europe.
zanox has the legal obligation to implement the SEPA scheme, beginning on 1 February 2014. The transition to SEPA affects your publisher payouts from zanox. In order to make sure that you continue to receive your payouts without difficulties and, in fact, even faster, you need to update your bank accounts details and add the IBAN and BIC.
What publishers are affected by the SEPA changes?
SEPA affects all publishers with bank accounts in one of the SEPA countries who receive payouts in Euro (independently of the "source" currency of the earned commissions).
How and where can I update my account information and add my IBAN / BIC information?
Log in to your account using your zanox user account details and go to the upper right navigation bar. Navigate to the "Payment Accounts" tab (Settings > Payment > "Payment accounts" tab).
Here you can update your information for all bank accounts subject to the SEPA scheme (accounts held in one of the SEPA states, i.e. the 28 EU member states, plus Iceland, Liechtenstein, Norway, Monaco and Switzerland).
Please enter your IBAN and BIC information for these accounts. If required, your bank will be happy to provide you with the needed data.
You do not need to take any further steps or make any other amendments to your account as part of the switchover to the SEPA scheme.
What is the timeframe for the SEPA introduction?
The switchover to the SEPA scheme, which becomes compulsory from February 2014, will be implemented in the zanox marketplace in two phases:
Phase 1 - starting in December 2013:
If you have a bank account in one of the SEPA countries we recommend that you enter your IBAN /BIC information as soon as possible to ensure a smooth transition.
Starting in December 2013, you need to enter the IBAN and BIC information for every newly created payment account, and also when changing existing account details, provided that the account in question is an account in one of the SEPA states.
Once you have added your IBAN /BIC information, you can choose to use the SEPA scheme for payouts straight away for new payouts. Using the SEPA payment, the banks will guarantee the transfer of Euro funds within one working day so that your earnings will generally be in your account much faster than it was the case using the old procedure.
Phase 2 - starting mid January 2014:
As of 13th January 2013 zanox can only process payouts to accounts in SEPA countries if IBAN and BIC are provided in the account information. If this is not the case, payments will be on hold.
What does SEPA mean?
The Single Euro Payments Area (SEPA) stands for the European Union (EU) payments integration initiative. It is a project to harmonise the way we make and process retail payments in euro. The goal is to make payments in euro and across Europe as fast, safe and efficient as national payments are today.
Is SEPA mandatory?
Yes, with the passing of EU Regulations, the move to SEPA standards will become mandatory for the 28 EU countries along with 5 other SEPA countries. This means that existing account information need to be updated to include the IBAN and BIC information.
What currencies are covered under SEPA?
SEPA covers Euro denominated transactions only.
Please note: If you earn commissions in other currencies than Euro and want them to be paid out to your account (in one of the SEPA countries), of course your IBAN / BIC information is required, too.
What countries are in the SEPA zone?
There are 33 countries within the SEPA Zone, including the 28 EU member states and five other territories.
The 28 EU States:
Austria, Germany, Netherlands, Belgium, Greece, Poland, Bulgaria, Hungary, Portugal, Cyprus, Ireland, Romania, Czech Republic, Italy, Slovak Republic, Denmark, Latvia, Slovenia, Estonia, Lithuania, Spain, Finland, Luxembourg, Sweden, France, Malta, United Kingdom and Croatia.
Iceland , Monaco , Switzerland , Liechtenstein , Norway.