SEPA
SEPA
Simplifying transactions in the Eurozone: SEPA
SEPA - or the Single Euro Payment Area - is an important initiative that has simplified transactions across the Eurozone (those countries that have adopted the Euro as their currency). SEPA allows businesses to make and receive Euro payments in the same way that they would domestic transactions.
SEPA is an ongoing project and aims to continually improve the efficiency of cross-border payments. The complexities involved in such transactions are gradually being removed, to be replaced by a more streamlined infrastructure.
IBAN and BIC
SEPA has already brought many benefits. The main objective is to create a series of common standards, rules and payment processes for making payments across the Eurozone. This means that if you are making a payment, you have to quote the beneficiary's International Bank Account Number (IBAN) and the Bank Identification Code (BIC).
SEPA-compliant payments
In 2008, further steps were taken with the initial launch of SEPA-compliant payments to transfer and receive monies. With such standards in place - coupled with the adoption of common processes across the banking community and EU - moving money cross-border will continue to become more efficient and competitive.
For more information, download our Single Euro Payment Area (SEPA) factsheet (PDF, 142KB) and download our Direct Debits factsheet (PDF, 135KB).
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