SEPA is coming on 1st February 2014
SEPA, the Single Euro Payment Area, is a major step towards a single integrated Euro payments market. With SEPA, cross-border payments within the SEPA Zone will be as simple as in-country payments are today.
SEPA will enable customers to make cashless euro payments to anyone located anywhere in the area, using a single bank account and a single set of payment instruments.
We’re sure that you’re aware of SEPA and have already received communications from your financial institution. However, it’s important to ScanSource that our partners are prepared, so we wanted to offer some guidance.
What are the requirements?
- As of 1st February 2014, all SEPA Zone countries will be required to send electronic payments via SEPA
- Cross-border transactions within the SEPA Zone will be eliminated
- All transactions will need to carry an IBAN bank/account identifier
What do you need to do?
Make sure you are ready to make and receive SEPA payments by 1st February 2014.
What are the advantages?
- Send and receive euro payments easily, safely and efficiently throughout the whole SEPA area
- Paying a supplier in another SEPA country will cost no more than paying a local supplier (for payments made electronically and in Euros)
- Same day availability of funds
- Only one account needed (no need to maintain different accounts in different countries)
Who are the 32 SEPA Zone countries?
- All 28 member states of the European Union (the 17 Eurozone members and the 11 states which are not in the Eurozone)
- The 4 European Free Trade Association members (Iceland, Liechtenstein, Norway, Switzerland) and Monaco