SEPA Basic Information

SEPA is the abbreviation standing for “Single Euro Payments Area”, which means a single area for payments in the euro currency.

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.

Countries which are part of the SEPA scheme: HERE

The up-to-date list (register) of SEPA participants is available on the website of the European Payments Council.

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.

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)

• European legislation, Regulation (EU) 2024/886 of the European Parliament and of the Council of 13 March 2024, has made it mandatory for all banks in the euro area to accept SEPA Instant Payments from 9 January 2025 and to introduce a SEPA Instant Payments sending service from 9 October 2025 at the latest. For countries outside the euro area, SEPA Instant Payments must be available two years later on accounts that support payments in EUR.
• On July 23, 2024, the European Commission (EC) published  Q&A European Commission  on the Instant Payments Regulation, where the EC answers questions from the banking community regarding the interpretation of the regulation.
• SEPA Instant Credit Transfer The European Payment Council (EPC) as an owner of the SEPA Instant Payment scheme, manages „SCT Inst rulebook“ and publishes a list of banks that have joined the Instant Payments scheme.
• National Bank of Slovakia as part of the Eurosystem, provides the Slovak banking market with the service of settlement of instant payments in the payment system for instant payments TIPS (Target Instant Payment Settlement). UniCredit Bank Czech Republic and Slovakia, a.s. is a direct participant in TIPS (Target Instant Payment Settlement) as well as a direct participant in the RT1 clearing system, managed by EBA Clearing.