What is it used for?
There are many different ways in which you can reimburse your colleagues. One of them is to directly transfer the amount from your business accounts to the account of the employee. For European entities, Rydoo supports the automatic creation of SEPA XML files which can be uploaded to your bank to automatically initiate payments to them. The SEPA flow is part of the integration pack which allows the connections required to be set up with Rydoo. If you're unsure about this please talk with your customer success manager.
What is SEPA?
The Single Euro Payments Area (SEPA) is an EU initiative to harmonize payments across the Eurozone.
Finland (including Aland Islands)
France (including French Guiana, Guadeloupe, Martinique, Mayotte, Saint Barthélemy, Saint Martin (French part), Réunion and Saint Pierre and Miquelon)
Monaco (Monaco and San Marino have bilateral agreements with the EU to use the euro as their official currency)
Portugal (including Azores and Madeira)
San Marino (Monaco and San Marino have bilateral agreements with the EU to use the euro as their official currency)
Spain (including the Canary Islands and Ceuta en Melilla)
In non-eurozone countries, the SEPA schemes are only used if the payment is done in Euros. Please contact your bank to see if it's possible to accept SEPA files to initiate payments.
United Kingdom (including Gibraltar)
What does the Rydoo-generated SEPA XML file look like?
SEPA XML Credit Transfer Initiation file pain.001.001.03
Initiating account needs to be a EURO-denominated account.
Only reimbursable expenses are included in the report.
Rydoo users need to set up their IBAN number in Rydoo on their personal profiles. In order to ensure that the IBAN number is correct and validated you can also feed these values via integration.
When the file is created the IBAN numbers are validated. If numbers are not valid the transactions will not be included in the SEPA XML file. An error report is available as well.
The IBAN and BIC number of the debitor account need to be set up by Rydoo. This can be communicated as part of the configuration.
We will deliver all Mandatory fields from pain.001.001.03 (Customisation based on specific bank requirements is not possible)
Example format SEPA XML file
<?xml version="1.0" encoding="UTF-8" standalone="yes"?>
<Document xmlns="urn:iso:std:iso:20022:tech:xsd:pain.001.001.03" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="urn:iso:std:iso:20022:tech:xsd:pain.001.001.03 pain.001.001.03.xsd">
How to set it up?
The automatic SEPA file creation is part of the integration pack and can only be used when an automatic integration between Rydoo and your accounting system is set up. Please contact your account executive or customer success manager to set up this automatic SEPA file creation. Reach out to [email protected] if you have any further questions.