- SEPA Member States
SEPA allows you to make a non-urgent (non-same day) euro credit transfer to any account or execute a euro direct debit on any account in SEPA that is reachable for national payments or debits today. The introduction of SEPA means that cross-border electronic payments in euro across SEPA countries can be as quick, easy and cost effective as the equivalent domestic payments.
The current 34 countries that comprise SEPA are the 28 EU member states, the three European Economic Area countries (Iceland, Liechtenstein and Norway) as well as Switzerland, Monaco & San Marino.
- SEPA Key Dates
In February 2012, the European legislator adopted regulation (EU) No. 260/2012 which established 1st February 2014 as the mandatory deadline for migration to SEPA for electronic payments in countries where euro is the domestic currency (i.e. Bank of Ireland and it’s customers in the Republic of Ireland).
The SEPA Migration deadline has been extended by the Irish Payment Services Organisation (IPSO) and its member banks (including Bank of Ireland) to 31st March 2014.
For countries where euro is not the domestic currency, the deadline is 31st October 2016 (i.e. Bank of Ireland and it’s customers in Northern Ireland & Great Britain).
If you are a personal customer and would like to read more about the impacts to you, please click here. If you are a business or corporate customer and would like to read more about the impacts to you, please click here.
Overview of SEPA
SEPA, the Single Euro Payments Area, is European-driven regulation which aims to create one single, integrated and standardised payments market making it easier to do business across Europe.