How SEPA works
SEPA creates a common framework of rules so that consumers, businesses and other financial institutions can make and accept domestic and cross-border payments in euro with the same features, rights and obligations across 36 European countries and areas. This includes the 27 EU countries, the United Kingdom, Iceland, Norway, Liechtenstein, Switzerland, San Marino, Monaco, Andorra and Vatican City.
This way, the national euro payment tools have adopted the SEPA standardised payment tools.
Info for businesses
According to the provisions of Regulations (EC) No 924/2009 and (EU) No 260/2012, which stem from SEPA, as of 1 February 2016:
- For credit transfers and direct debits, businesses are obligated to exchange files in XML ISO 20022 format. The changes affect files for bulk supplier payments (transfers), payroll and direct debits.
- The requirement to use the Bank Identifier Code (BIC) is abolished for countries within the EEA.
What we offer
Comprehensive support to configure your files according to the regulations and ensure a smooth transition to the new standard.
Informational documents
You can find detailed information about the acceptable file specifications and instructions on how to convert your files to the new format in the:
- ISO20022 XML File Format Guide
IBAN use
For all euro payments, even for those to and from accounts at the same bank, the IBAN (International Bank Account Number) must be used exclusively.
Further information
For further information contact the Transaction Banking Solutions – Transaction Banking unit by email at PaymentsCashManagement@eurobank.gr.
You can also find information at the: