SEPA Purpose Codes Support
Business Value
SEPA Purpose Codes uniquely identify the purpose of a payment according to the ISO 20022 standard — for example, salary payments, tax payments, or supplier invoices. Evaluating these codes during payment reconciliation significantly improves the automatic allocation of bank transactions and reduces the manual effort involved in account reconciliation.
Feature Description
365 business Banking supports SEPA Purpose Codes both when sending SEPA payments and when evaluating incoming bank transactions. The SEPA Purpose Code can be used as a criterion in reconciliation rules to automatically allocate transactions to a G/L account.
During installation, the most common SEPA Purpose Codes are pre-configured. The codes can be adjusted or extended at any time.
For more information on managing SEPA Purpose Codes, see the article SEPA Purpose Codes.