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SEPA - Single Euro Payments Area

SEPA is the Single Euro Payments Area, which covers 34 countries - all 28 European Union countries, three European Economic Area countries, Switzerland, Monaco and San Marino (excludes Channel Islands & Isle of Man).
The SEPA direct debit schemes allow funds to be collected in euro, in, and between all 34 SEPA countries. The schemes were launched in November 2009.

The SEPA direct debit schemes will replace the legacy national direct debit schemes in the euro-zone countries. Most national schemes will close by 1 February 2014. A few have been declared “niche schemes” and will continue until 1 August 2016.

There are two SEPA direct debit schemes:
(i) the “Core” scheme, which everyone can use; and
(ii) the “Business to Business” or “B2B” scheme which is only used for payments between businesses.

For information regarding the "Debtor Information Document - SEPA Core Direct Debits” click(here) The said document constitutes an integral part of the Bank's General Terms and Condition.

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