SEPA (Single Euro Payments Area) is an area in which consumers and companies can carry out domestic and international charges and payments, in the same basic conditions and with the same rights and obligations, regardless of their location. Within the SEPA zone, all borders have been eliminated when it comes to making or receiving paymentd in euros.
The SEPA zone includes the 28 European Union member states, along with Iceland, Liechtenstein, Norway, San Marino, Switzerland, and Monaco.
After adoption of the euro as a single currency, the SEPA project represents another step towards the economic and monetary integration of Europe: the creation of an authentic domestic market where there is a single way of making payments in an efficient, safe, simple, and transparent manner.
The payment instruments included in SEPA are:
The mandatory deadline for migration to SEPA payment and collection instruments was February 1, 2014, except for niche products that, because of their specific characteristics and low volume of operations, were migrated during a second phase in February 2016 (in Spain, C58 credit advances and receipts sent by C32).
The layout of SEPA transfers (in force since January 2008) facilitates the sending of payments in a simple, standardized manner within its geographical area.
SEPA transfers have the following characteristics:
This is an instrument for making collections via direct debit from the debtor's account.
The main characteristics of the SEPA debts are:
This involves the basic diagram for debit entries. These can be used to make transfers to both individuals and companies.
|SEPA Core Debit|
Your details are conveyed in the debit transaction.
One additional day for debits with EBA recipient*
An expanded item at some Spanish entities.
Op.authorized: 8 weeks
Op unauthorized: 13 months
XML ISO20022 Core AEB
* EBA is the clearing house for cross-border and domestic debiting of entities that do not operate via Iberpay (the Spanish clearing house).
The outline among businesses (B2B debits) offers the creditor a greater collection guarantee, since the debtor relinquishes the right to refunds on authorized operations. For this reason, the debtor's entity can apply for the authorization of the mandate before recording the first charge on the account.
BBVA offers issuance of SEPA transactions including transfers, debits, and financed debiting (Core and B2B). SEPA operations can be sent conveniently through the BBVA electronic banking channel or by using your regular online channels.
BBVA also offers other value-added services: information on the requirements for SEPA instruments, programs to create SEPA files, consulting for start-up, re-calculation service for debiting due dates, expanded 640-character descriptions for debits, data conversion services, same-day crediting to BBVA payees, same-day debiting of BBVA accounts, information on modifications to debtor accounts, etc.
For more details about the channels and formats available in each country, contact your BBVA branch.
Access to all editions of the bulletin published by BBVA on the current SEPA situation: gain in-depth knowledge of the particularities of the SEPA instruments, the implications for your company from the practical point of view, and the most recommendable guidelines for action.
Small details, major impact?
(389 KB) - - -SEPA newsletter nº11
Sepa: a flight with stops.
(2499 Kb) ---SEPA newsletter nº10
No “niche“ of unanswered questions.
(985 kB) - - -SEPA bulletin no.9
SEPA arrives to stay: Special frequently asked questions II (FAQs).
(255 kB) - - -Bulletin end date 2014
In overtime: The current SEPA situation after the moratorium periods established in Spain for migration to SEPA instruments has passed.
(2353 kB) - - -SEPA bulletin no.8
In the final stretch, from theory to practice: Final practical recommendations.
(758 kB) - - -SEPA bulletin no.7
Because now the situation is already upon us.
(3518 kB) ---SEPA newsletter nº6
Don't get left behind.
(2024 kB) ---SEPA newsletter nº5
No question goes unanswered: Special frequently asked questions I (FAQs).
(1074 kB) ---SEPA newsletter nº4
A portrait of the requirements: Edition dedicated to resolving uncertainties related to its characteristics and use.
(1452 kB) ---SEPA newsletter nº3
No hurry, but without pause: Basic guide for identifying the main activities to be performed.
(1437 kB) ---SEPA newsletter nº2
Migrating to SEPA: SEPA at a glance.
(1940 kB) ---SEPA newsletter nº1
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