What is SEPA? (Single Euro Payments Area)

The Single Euro Payments Area is a European-driven regulation that creates a pan-European payments standard that provides Improved consumer rights, guaranteed standard timelines for payments and the return of unsuccessful payments. It also makes international transfers as cost-effective as domestic payments

What are the benefits of SEPA?

SEPA payments are easier to process and as cost-effective as domestic payments. Additionally, SEPA gives you access to more detailed payment information for credit transfers and direct debit collections. Finally, SEPA provides Improved consumer rights and guaranteed standard timelines for payments and the return of unsuccessful payments.

Is SEPA mandatory?

Yes, Starting 1st February 2016, all consumers and businesses based in the 35 SEPA countries (Spain is a SEPA country) that wish to make electronic non-urgent euro transactions must use SEPA (EU Regulation (260/2012) SEPA COMPLIANCE IN EURO AREA

What countries are participating in SEPA?

See the following link to find out which countries are participating in SEPA. EUROPEAN PAYMENTS COUNCIL

What is the objective of SEPA?

To make it as easy and cost effective for individuals and businesses to transfer funds between the SEPA member countries as it is to do it domestically.

What is the Sepa Direct Debit (SDD) mandate?

A short form that contains details about the person of company you are doing business with (the Creditor) and a few specifics about you (the Debtor) that are necessary to setup Direct Debit. Transfers can be recurring or 1-off. Once signed, the Creditor sends the Mandate to the bank for storage.

Where can I find out more information about SEPA and the SDD Mandate?

The best source for SEPA Direct Debit related information is the European Payment Council