Is Your Business Ready For SEPA?

24 September 2013

What is SEPA?

The Single European Payments Area (“SEPA”) is a European Union initiative that is changing the way euro electronic payments are processed across Europe. SEPA comes into full effect on 1 February 2014. It will mean that you can make and receive payments seamlessly, collect a direct debit on any euro account or make a credit transfer to any euro account within SEPA. This will create a more efficient borderless payment area by standardising euro electronic payments which will result in faster settlement and simplified processes which should improve cash-flow.

In total, there are 32 countries in the SEPA area. These are the existing 27 EU member states of the European Union, together with Iceland, Lichtenstein, Monaco, Norway and Switzerland.

For more information click here.

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