SEPA: Single Euro Payments Area

The European banks, the European Central Bank and the European Commission share the vision that all economic actors will be able to make and receive payments in euro’s’, within Europe, whether between or within national boundaries under the same basic conditions, rights and obligations, regardless of their location.

To this end the European banking industry founded the European Payments Council (EPC) to define new rules and procedures for Euro payments (made by credit transfer, direct debit and cards). From January 28 2008 onwards banks offer and process European payments based on the EPC standards. Dutch banks also will contribute to the creation of the Single Euro Payments Area

The advantage of one payments market

You can pay a supplier in Milan just as easily as a supplier in Maastricht.
After the introduction of the euro, the next step has been taken towards an integrated European payments market with one standard transfer within Europe.

International Bank Account Number

When you make a SEPA payment, you need to quote the beneficiary’s IBAN, (International Bank Account Number) and the BIC (Bank Identifier Code) of the beneficiary’s bank.
A SEPA transfer enables you to make euro payments within all 32 countries that participate in the Single Euro Payment Area (SEPA). Equal to making a payment within your country, it is just as convenient.