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:

EU = European Union,
EEA = European Economic Area