Publishers based within the Eurozone may already be aware that SEPA will come into effect on 1st of February 2014 within the EU. Please note these changes do not concern UK publishers. The changes will apply to the following countries:
Affected Eurozone countries: Austria Belgium Cyprus Estonia Finland France Germany Greece Spain Ireland Italy Luxembourg Malta, Netherlands Portugal Slovakia Slovenia
This change affects Publisher Payments from eBay Partner Network (ePN) to Eurozone publishers. To comply with this regulation, ePN is changing its direct deposit process to only use IBAN and BIC account information, which requires the migration of our existing publisher account information.
ePN will automatically update publisher’s banking information with IBAN and BIC as soon as possible.
These changes are mandated by the European Union; therefore ePN is legally bound to use SEPA from the 1st of February 2014 onwards. To continue to receive your payments without any problems, your IBAN and BIC details must be included in your bank account information in your ePN account. To ensure no disruptions to your payment process, ePN will automatically migrate existing accounts with their IBAN & BIC account information.
What is SEPA?
SEPA - or the Single Euro Payment Area - is an important initiative that has simplified transactions across the Eurozone. SEPA allows businesses to make and receive Euro payments in the same way that they would domestic transactions. The main objective of SEPA is to create a series of common standards, rules and processes for making payments across the Eurozone. This means that if you are making a payment, you have to quote the beneficiary's International Bank Account Number (IBAN) and the Bank Identification Code (BIC).
What are IBAN and BIC?
IBANs (International Bank Account Numbers) are used by countries in the European Union, the European Economic Area and Switzerland (plus certain other countries). The IBAN identifies the country, financial institution and the individual bank account. Using an IBAN reduces errors and delays in making international payments. An IBAN is always used in conjunction with a BIC (Bank Identifier Code), and is not a new bank account number: it uses existing sort codes and account numbers - but with extra information.
If you have any further questions, please feel free to contact the ePN team.