The acronym TIP-SEPA stands for a free and highly secure payment method that allows for one-time or regular payments. Let's take a closer look at TIP-SEPA and the innovative solutions offered by Olkypay.

The main characteristics of the TIP-SEPA: to better understand

TIP-SEPA stands for "Titre interbancaire de paiement - Single Euro Payments Area", SEPA being translated into French as "Espace unique de paiement en euros". The original aim of TIP-SEPA was to create common payment instruments for all euro zone member countries. All companies issuing TIPs were asked to adapt them to the SEPA standards as of February 1, 2016.

The TIP-SEPA is not an automatic direct debit form: the customer retains the initiative to pay. He is nevertheless a fast and highly secure way to pay certain invoices issued by professionals, such as taxes, water, gas and electricity bills, telephone bills, rents, etc.

Pre-filled, the TIP-SEPA contains essential data; the names of the beneficiary and the payer, the bank details of the payer, the invoice reference and the amount to be paid. The payer who accepts to pay by TIP-SEPA simply has to check the information on the document and then send it back to the sender so that the latter can send it to his bank for payment. The payer also has the option of changing the information on the TIP-SEPA if it is incorrect, in which case the payer should simply attach a RIB and return it by mail. Of course, he can choose to pay his bill using another payment method if he wishes.

Undeniably, the TIP-SEPA has concrete advantages for both payers and creditors: it is easy to use, completely secure and free of charge. It is suitable for all companies, whatever their size: from SMEs to large corporations and is easy to set up.

TIP-SEPA in practice and the advantages of Olkypay TIP-SEPA

The TIP-SEPA is included in the invoice sent to the payer and is a simple, fast and free way to pay the amount requested. The receiver of the invoice simply has to make sure that the bank details and the amount indicated on the interbank payment voucher are correct. If these details are correct, the recipient simply returns the documents to the sender after signing the TIP-SEPA. If the information is incorrect, the recipient attaches a RIB to the TIP-SEPA and sends it back by mail to be corrected.

When the creditor receives the signed TIP-SEPA, he will hand over the interbank payment voucher to his financial institution, which will present it to the debitor's financial institution and the amount indicated on the document will be debited from his account. If there is a disagreement as to the amount to be paid, the receiver can ask the issuer to make the necessary corrections and send back a new TIP-SEPA.

If the account is not sufficiently funded, the bank will reject the TIP-SEPA and may ask for a fee which may not exceed the amount of the rejected payment order, subject to a ceiling of 20 euros.

Olkypay's TIP-SEPA is a unique and innovative tool, available in paper and dematerialized versions, for small and large companies alike, to secure their customer collections and pay their invoices electronically, based on a TIP-SEPA generated by a third party.

Under the European Banking Authority's (EBA) Payment Services Directive (PSD2), Olkypay's TIP-SEPA has become a highly secure and free payment tool available to consumers to settle their creditors' bills. By using Olkypay's TIP-SEPA, professionals have a tool that simplifies the payment of their customers in complete security, guaranteeing them the collection of the sums due at a lower cost.