About SEPA

SEPA Directive

SEPA Directive The SEPA initiative by the European Union commenced in 2002 with the aim of allowing seamless transaction flow between banks within the Single Euro Payments Area comprising the 27 EU member states plus Norway, Switzerland, Iceland, Monaco and Liechtenstein. This covers over 500 mil...

For the Creditor

For the Creditor The introduction of SEPA has a number of implications for businesses and non-profit organisations who currently raise direct debits on their customers. This entity is known as "The Creditor". It is the responsibility of the creditor to retain and manage the man...

For the Debtor

For the Debtor SEPA means that individuals can transact electronic payments with Euro banks anywhere within the SEPA area (32 countries) as easily as within their own country. SEPA Direct Debits allows the debtor operate one bank account to pay for items in other countries. Eg. people w...

What Do I Do Now

What Do I Do Now? There are a number of steps that the Creditor must undertake to start collecting funds through SEPA Direct Debits. To Do - Now Prepare a SEPA compliant mandate form to be filled out by your customers. Your bank may request a copy of this form. (Business So...