SEPA is the abbreviation standing for “Single Euro Payments Area”, which means a single area for payments in the euro currency.
What is the benefit and purpose of SEPA?
SEPA eliminates differences between domestic and cross-border payments denominated in the euro currency within the European Union and the European Economic Area. Individuals, entrepreneurs, companies, trades-people as well as public sector may carry out payments and direct debits in the euro currency within this area within the same time and for the same price as domestic payments.
Where can you find the list of banks – SEPA participants?
The up-to-date list (register) of SEPA participants is available on the website of the European Payments Council.
Where can you find the SEPA conditions and rules?
The SEPA conditions and rules are set out in:
Directive of the European Parliament and Council 2007/64/EC on payment services in the internal market (Payment Services Directive – “PSD”), which in the SR has been incorporated in Act No. 492/09 on payment services (effective since 1 December 2009),
Regulation of the European Parliament and Council 924/2009 on cross-border payments in the EU
Regulation of the European Parliament and Council 260/2012 establishing technical and business requirements for credit transfers and direct debits in euro.
What are the SEPA payment instruments like?
The following payment instruments have been created for carrying out SEPA payments:
SEPA Credit Transfer = SEPA CREDIT TRANSFER (SCT),
SEPA Direct Debit = SEPA DIRECT DEBIT (SDD).
Technical documentation regarding SEPA payment instruments is available on the website of the European Payments Council (EPC)