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Federation of Finnish Financial Services

Bulevardi 28, FI-00120 Helsinki, Finland
Tel. +358 20 7934 200
Fax +358 207934202

E-mail   fk(at)fkl.fi
           firstname.lastname(at)fkl.fi

 

SEPA - Single Euro Payments Area

European banks, the European Central Bank and the European Commission aim at creating an integrated payments area, known as the Single Euro Payments Area (SEPA). European Payments Council (EPC) is operating as a co-ordinator for the whole project.

The objective is to develop payment services that will be on a par with national payment services for the SEPA as a whole. Given major national differences in payment services, the establishment of a harmonised level of service throughout the area is a challenging undertaking. The goal, however, is to create a uniform basic service level for payments between banks. In addition to these basic services, banks will have the possibility of offering their customers various value-added services.

Banks operating in Finland will offer their customers SEPA services in stages starting at the beginning of 2008:

  • SEPA bank transfer
  • SEPA payment card
     
    And later
  • SEPA direct debit

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ISO 20022 Payments Guide
The purpose of this Guide is to describe the usage of the ISO 20022 Payment Initiation – message (Customer-to-Bank) in SEPA credit transfer. This description is based on the cur-rent accepted SEPA Credit Transfer Implementation Guideline version 3.2. In addition to the SEPA credit transfer requirements, banks may also agree on more extensive use of data elements, or on Additional Optional Services (AOS). The additional details will only be forwarded between banks who have agreed on the use of AOSs. (29 January 2009)

Additional Optional Services for SEPA Credit Transfer
Banks operating in Finland have agreed on certain additional services for the SEPA Credit Transfer. You will find a list of the banks offering these services and descriptions of the additional services here below.

SEPA consequences for businesses

  • SEPA will enable large companies in particular to increase efficiency and achieve cost savings as a result of the rationalisation of payment transactions: it will be possible to handle payment transactions in the entire SEPA area through one bank account using the same standards and systems
  • The XML standard, IBAN and BIC used in payment transactions require changes in the financial administration systems and payment transaction systems of companies, in e.g. accounts payable and receivable
  • SEPA cards require service companies and commerce to use payment terminals and payment terminal software that accept EMV cards and agreements on the intermediation of payment transactions


Read about SEPA consequences for consumers


Questions and answers about SEPA

General
Bank transfer
Direct debiting
Payment cards
Effects on businesses

All questions and answers can be found in the following document SEPA Frequently asked questions 2008 (pdf)


 

Updated 25.3.2009

 

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