Single Euro Payment Area
Changing the way Europe pays
Since the introduction of the Euro, several initiatives have been introduced to simplify the way payments are made throughout the Eurozone.
SEPA
The creation of SEPA will allow businesses and individuals to make and receive Euro payments across the Eurozone in a way that is in line with domestic transactions.
The complexities associated with making Euro cross-border payments in the Eurozone are being gradually removed and a more streamlined infrastructure is being phased-in.
IBAN and BIC
SEPA brings many benefits. The main aim is to create a series of common standards, rules and payment processes for making payments across the Eurozone. As part of this, payment remitters now have to quote the beneficiary International Bank Account Number (IBAN) and the Bank Identification Code (BIC).
SEPA-compliant payments
In 2008, further steps were taken with the initial launch of SEPA-compliant payments to transfer and receive monies.
With such standards in place, as well as the adoption of common processes across the banking community and the EU, moving money cross-border will become more efficient and competitive.
More information
For more information, download our Single Euro Payment Area (SEPA) factsheet (148KB PDF) and frequently asked questions (601KB PDF).