SEPA -Single Euro Payments Area where Customers and developers can make and receive cross-border payments in Euro.
Sepa guaranties possibility of making and receiving payments from domestic country to another country in SEPA area using common standards-base on the same rules, law and duties-don't matter on the making operation place. Standards of foreign transaction system for bank clients means reduction of time for international payments realization.
Common European payment SEPA system is being running from 28th of January 2008. This is effect of cooperation with Krajowa Izba Rozliczeniowa,EBA CLEARING (European Bank Community-Operator of European system of foreign transaction in SEPA)and Narodowy Bank Polski.
Geographical Range of SEPA:
Single Euro Payments System include 31 countries-all European Union Countries (27 joined Countries) and Island, Norway, Lichtenstein, Switzerland, United Kingdom, Andorra, Liechtenstein, Monaco, San Marino and the Vatican City State / Holy See.
Main of SEPA for international transaction:
- transfers done with Common Euro Currency
- availability of receiving or making transfers to European Union Countries and Norway ,Island, Lichtenstein, Switzerland
- no limits for transaction amount
- transfer need to have account number in IBAN standard and SWIFT(BIC) code of beneficiaries bank(Identification of Account through IBAN number and BIC)
- guarantee, impassable period of realization transaction-transfer transaction from sender to beneficiaries will take no longer than one business day for electronic payment orders; might be extended by one business days for payment orders delivered in paper form
- single instrument payments array-transfer order, payment order and cards payments.
- common standards, technical norms, business practice and legal bases
- Sender and Beneficiaries are responsible for their own charge,(cost option standard-sender is covering cost of sender bank and beneficiaries is covering costs of third banks)
- availability of adding additional code which identificate - sender and beneficiaries of transfer
- expanded information about transfer (payment details)sending by sender of beneficiaries