SEPA project

SEPA (Single Euro Payment Area) is a payment integration initiative for payments in euros. It allows consumers and businesses to make euro payments under the same conditions, rights and obligations. It makes cross-border payments easy to make and efficient equally as the payments within one country.

It is an initiative of the European banks covered by the European Payments Council (EPC). The banks and European organisations associated in it since 2002 establish common principles and uniform SEPA payment tools.

SEPA payment tools

  • SEPA payments were launched on 28 January 2008.
  • SEPA direct debits were launched on 2 November 2009.

UniCredit Bank supports all SEPA payment tools. We were the first in the Czech Republic to implement SEPA direct debit.

Membership in SEPA

Individual banks could join this initiative on a voluntary basis. The European Commission Directive no. 260/2012 of 4 March 2012 set out the date of 1 February 2014 for the eurozone countries as the deadlines for the countries to change their national payment systems to the uniform SEPA system and the date of November 2016 for the remaining European Economic Area countries to comply with European Commission Directive no. 260/2012. UniCredit Bank Czech Republic and Slovakia, a.s., has been a member of SEPA by way of its parent bank since 2008.

SEPA characteristics

  • The uniform currency of payment transactions is euros (irrespective of the currency of the account).
  • A uniform set of payment tools and ongoing development of new customer-oriented services.
  • Uniform operating procedures, including the exclusive use of electronic processing and the use of IBAN and BIC for identification of accounts and banks.
  • Uniform processing of reports in XML format in line with the ISO 20022 standard.
  • A uniform clearing system of the European Bank Association, providing efficient infrastructure.
  • Uniform rights and obligations in the whole SEPA area including the harmonised legal background.

SEPA future

The European Payments Council (EPC) is working on an extension of SEPA tools to include, in particular, the following services:

  • SEPA direct debits - option to grant the mandate electronically, the so-called e-Mandate.
  • New electronic format of account statements (XML) enabling transfer of more information about the payment.
  • Innovative solution allowing the sending and receiving of payments by way of mobile phones.