They have recently been using the term “SEPA” a lot in the banking world. But what is it? And what does it consist of?
SEPA stands for “Single Euro Payments Area”. The SEPA makes it possible to pay, without using cash, from any account inside the area, under the same conditions as domestic payments.
The SEPA covers all Member States of the EU, in addition to Iceland, Liechtenstein, Monaco, Norway and Switzerland.
To make direct debit payments and transfer money, from February 2014 all domestic transfers and transfers within the European Union will be performed using the same details. In other words, different banking details will no longer be used on invoices depending on who is going to pay them. Everyone will be able to use the same details, whether it is a domestic company or one that is within the European Union.
And, how can I find out about my new banking details?
If you have already been using international transfers (IBAN and BIC), you will simply have to use that number to receive domestic transfers as well. Otherwise, the simplest thing to do would be to contact your bank to ask them, or to look for the IBAN and BIC numbers on your bank statements.TheIBAN number always begins with the country code (DE, ES, FR, GB, IT, PT…), followed by a check digit and then your normal bank account number.
You will find Mondo Agit’s IBAN and BIC details on our invoices, and on the section relating to the company’s details.