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EDF, the European leader in the energy sector, selected BNP Paribas – one of Europe's major cash management players – to set up its SEPA Credit Transfer (SCT) payment system. Since 2 June 2008 these transactions have been completed using SWIFTNet FileAct – a secure, standardised, multi-bank communication channel for exchanging files in any format.
This makes EDF one of the first companies in France to make all its payments SEPA-compliant and to use the new XML format shared by all 31 countries within the SEPA zone. Several thousand SCT transactions are completed every day.
In concrete terms, setting up this system first of all involved converting the bank details of all EDF's suppliers to BIC-IBAN format at its payment centre and converting the system to comply with the new standards.
For EDF this is a major first step towards rationalising its domestic and international payments within Europe, delivering a reduction in processing costs and operational risks.
BNP Paribas's expertise, experience and commitment combined with EDF's dedication played a crucial role in making this SEPA project a success.
This success shows the strong commitment of both EDF and BNP Paribas to creating an integrated European payment area.
BNP Paribas offers a full range of domestic and international cash management services: remote reporting and instructions, e-banking, liquidity optimisation (cash pooling) and an outstanding offer of B2B services. Its client support services, innovative solutions and use of new technologies make BNP Paribas a major provider of B2B services.
BNP Paribas (www.bnpparibas.com) is one of the European leaders in global banking and financial services and is one of the 4 strongest banks in the world according to Standard & Poors. The group is present in more than 85 countries and has more than 168,000 employees, including 129,500 in Europe. The group holds key positions in three major fields of activity: Finance and Investment Banking, Asset Management & Services and Retail Banking. It is present throughout Europe across all its business sectors, while France and Italy are its two domestic markets for retail banking. BNP Paribas also has a significant and growing presence in the United States and strong positions in Asia and the emerging markets.