Since June 2, 2008 these transactions have been completed using SWIFTNet FileAct, a multi-bank communication channel for exchanging files in any format.
This enabled EDF to make all its payments single euro payments area (SEPA)-compliant and to use the new extensible markup language (XML) format shared by all 31 countries within the SEPA zone.
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.
According to the companies, for EDF, this is a major step towards rationalizing its domestic and international payments within Europe, delivering a reduction in processing costs and operational risks.
