Title: Model payment order in the SEPA system

Authors: Miodrag Sretenovic; Bozidar Kovacic

Addresses: MI&DA Ltd., Sulekova 29, 47000 Karlovac, Croatia ' Department of Informatics, University of Rijeka, 51000 Rijeka, Croatia

Abstract: The process of modernisation, rationalisation and automation aimed at increasing productivity and cost-efficiency is not feasible without the continuous investment and application of modern information technology. Single Euro Payment Area (SEPA) is a single payment system in EUR, within and between the European Union (EU) member states and the European Economic Community (EEC). Performing payment transactions by manual or semi-automatic input (template) is time-consuming and includes a high probability of error. Development of a model for automating the execution of a payment order enables faster and errorless execution of payment transactions. This paper describes a platform for the exchange of digitised contents for payment orders in the SEPA system and methods used in the development of an automated system for the exchange of data with business banks. The paper presents the improvement in the execution of payment orders using the SEPA system and also offers directions for further development.

Keywords: Single Euro Payment Area; SEPA; e-business; payment system; payment order; data modelling; model payment order.

DOI: 10.1504/IJBIS.2020.105839

International Journal of Business Information Systems, 2020 Vol.33 No.4, pp.531 - 548

Received: 16 Feb 2018
Accepted: 24 May 2018
Published online: 16 Mar 2020 *

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