Please find attached a document explaining how to configure SEPA Credit in AX2012 R2. The same information applies to AX2012 RTM
This document was written by Petra Allegrini from our German support team
As listed in http://blogs.msdn.com/b/axsupport/archive/2013/11/22/status-on-sepa-november-2013.aspx we recommend you to install KB 2902097 to act as a baseline for this setup. KB 2902097 is planned to be released on November 30th 2013