SEPA aims to remove the technical, legal and commercial barriers to a single domestic payments market. SEPA provides numerous benefits for both consumers and businesses.
SEPA will offer consumers greater choice of service, competition and flexibility to perform electronic euro banking transactions. Here is just a sample of the many consumer benefits that SEPA will provide:
- All SEPA payments will be as easy and cost-effective as domestic payments are today
- Pay by direct debit for services provided by companies throughout SEPA e.g. utility bills
- Access to more detailed payment information for credit transfers and direct debit collections
- Improved consumer entitlements and rights
- Undertake all SEPA payments from one bank account
For example, those working abroad will no longer need to hold one account at home and another in the country they work in. They will be able to complete all of their electronic transactions from their home account.
Did this answer your questions?
Your answer helps us improve our Support Centre
Thank you for your feedback!