In the 'Fast Track to SEPA readiness' session at the recent EBAday in Berlin, Wolfgang Stockinger, Global Head of Account Services at Deutsche Bank, in his presentation recommended that if a company has not started their SEPA project yet, they need to 'de-scope': stick to just SEPA credits (SCT) and open invoice, and stick to just one bank. He stressed that those companies 'not yet started' must FOCUS on the key actions.

Wolfgang listed 12 actions including four areas where the scope of the project could be limited:

1. review compliance and change management process
2. get all guides / check lists you can get from banks, associations and vendors
3. Scope reduction I: support SCT and Open Invoice only
4. Scope reduction II: if SDD – then select the Core Scheme only
5. Scope reduction III: select only one bank for the start
6. Scope reduction IV: one single ISO 20022 format for all countries
7. get vendors in, find out what you can outsource to vendors
8. System changes I: implement standard releases ERP / TRS
9. System changes II: buy and implement conversion technology
10. Process changes I: for SCT payments, particularly for supplier, salary, tax, and social security payments
11. 11. Process changes: examine whether change of operating model (centralisation)?
12. 12. Start to think of work arounds: "Pay" and " Collect" for Q 1, 2014 in January 2014

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Excellent advice from one of Europe's leading SEPA practitioners.