SEPA: benefits for individual banks customers

The term SEPA stands for the “Single Euro Payments Area” – for the united European payments area, that consists of all countries of the European Union – the European Economic Area and Switzerland. 

The aim of SEPA is to create common standards for payments. These standards are to be settled in future all domestic and cross-border transfers, direct payments, and card payments in euro, so they will be faster and more convenient within the EU.

When ordering a SEPA transfer, customers of the banks should not be aware of whether it is directed inland or abroad, which is very convenient.

Companies operating in the SEPA area can unify through the harmonization of the euro payments market their previously aligned country-specific payment methods and utilize rationalization potential. The introduction of the SEPA Direct Debit allows changing deals so that new markets and new customers can win.

The SEPA payments will be available from 1st February 2014 in the following countries:

Country Code National currency Code Affiliation
Belgium BE EUR EU / EEA
Bulgaria BG Bulgarian LEW BGN EU / EEA
Denmark DK Danish Krone DKK EU / EEA
Germany DE EUR EU / EEA
Estonia EE EUR EU / EEA
Finland FI EUR EU / EEA
France FR EUR EU / EEA
Greece GR EUR EU / EEA
Great Britain GB British Pound GBP EU / EEA
Ireland IE EUR EU / EEA
Iceland IS Iceland Krona ISK EEA
Croatia HR Croatian Kuna HRK EU / EEA
Latvia LV Latvian Lat LVL EU / EEA
Liechtenstein LI Swiss Franc CHF EEA
Lithuania LT Lithuanian Lita LTL EU / EEA
Luxembourg LU EUR EU / EEA
Monaco MC EUR
Netherlands NL EUR EU / EEA
Norway NO Norwegian Krone NOK EEA
Austria AT EUR EU / EEA
Poland PL Polish Zloty PLN EU / EEA
Portugal PT EUR EU / EEA
Romania RO Romanian Leu RON EU / EEA
Sweden SE Swedish Krona SEC EU / EEA
Switzerland CH Swiss Franc CHF
Slovak Republic SK EUR EU / EEA
Slovenia SI EUR EU / EEA
Czech Republic CZ Czech Koruna CZK EU / EEA
Hungary HU Hungarian Forint HUF EU / EEA
Cyprus CY EUR EU / EEA

EU = European Union,
EEA = European Economic Area

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