SEPA Payment and Receipts } Payday Loan

The creation of the Economy and Currency Union and the use of the use of bills and coins has been a decisive milestone in the single market in the European Union.

Since the single currency has been created since 2002, all cash payments in the Euro Zone can be made using the same currency, with the same convenience and ease as was previously paid in each country’s money.

However, in the area of ​​non-payment payments, there is still a division, which, in the end, hinders the fulfillment of the objective.

To help alleviate this situation, the Single Payment Area in Europe was created, known as the SEPA Acronym (Single Euro Payments Area in English).

What is SEPA?

SEPA is an area where people, businesses and other economic agents can pay and charge in euros. They have the same basic conditions, rights and obligations in that area, regardless of where they are located, and whether or not these payments result from the transformation process.

The new scenario set by SEPA will be harmonized in terms of payment in euros, mainly through three major tools: transfers, debit bills and payment cards.


Will the bank account number change?

Yes Bank accounts will have 4 more digits, in addition to today’s well-known 20 digits. But let’s not worry: automatically changing banks and savings banks will do it.

In our business blog we explain new bank account identifiers (IBAN and BIC).

What is the benefit of SEPA?

Thanks to SEPA, all euro-area operations involving all the participating countries must meet some homogeneous rules and conditions. This will allow them to have the same ease, speed and security that they can process within each national market today. This step towards economic and monetary integration will bring consumers, businesses, public administrations and other users to benefit, and in the emerging scenario there will be greater dynamism, competition and innovation.

Which countries will be deployed to SEPA?

The SEPA area includes 32 countries for creating a single market for paying euros: 227 countries in the European Union and Iceland, Liechtenstein, Monaco, Norway and Switzerland.

When will SEPA come into force?

Even though the migration to the new SEPA standards is currently in force and is currently in force with the standards of all countries, the new EU-260/2012 Standard has been approved by the end of February 1, 2014 to replace SEPA’s new tools for national transfer and debit.

Similarly, migration to SEPA includes other significant data, such as the 1 st of 2016 for some products of the market, and 31st of October 2016 for countries that use non-euro currency in SEPA.

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  • Other interesting documents
  • Forms for SEPA file formats:
    • Direct debit (basic version) – 19.14 Notebook: if one side is a consumer.
    • Direct debit (basic version of XML) – 19.14 Notebook (xml): if one side is a consumer.
    • Direct debit (B2B version) – Note 19.44: If one side is a business or a self-employed person.
    • Direct debit (B2B XML version) – 19.14 Notebook (xml): if one side is a business or a self-employed person.
    • SEPA transfers – Notebook 34.14.
    • SEPA transfers – 34.14 notebook (xml).
    • Address or Order (Beginner or B2B) – 50 Notebook