Sepa – Single Euro Payments Area. Standardization and harmonization of Euro-related payments.
CreditorID – The Creditor ID indentifies you as a unique creditor. You will receive this ID from the bank only once. It is mostly constructed of the CoC number of your organization.
Creditor – The ‘collector’: the one carrying out the collection, the organization.
IBAN – International Bank Account Number.
BIC – Bank Identier Code, also known as SWIFT code. This code indentifies your bank in international transactions. It is therefore obligated to use this code for international payments.
PAIN – Payment Initiation (SEPA XML PAIN). This is the file format in which you must give the collection order to the bank according to SEPA guidelines. This file contains details of the collector (Creditor details, these are your details), details of the persons paying, and details about the amounts and descriptions.
CAMT.053 – A new reporting format has been introduced for SEPA payment products: CAMT. The CAMT reporting format contains detailed information about SEPA transactions. Often, this file has a .XML extenstion. Some banks may use .ZIP or .TXT file formats.
