SEPA Regulations: How to Get Your Business SEPA ReadyJanuary 15, 2014 10:06 am
If you send or receive Euro payments you may be aware of the upcoming SEPA regulations and are asking yourself what is SEPA? Does this apply to me? Am I SEPA ready?
What is SEPA?
SEPA stands for The Single Euro Payments Area regulation and will come into full effect on 1 February 2014. It is a payment-integration initiative of the European Union for simplification of bank transfers denominated in Euro.
As of November 2013, SEPA consists of the 28 EU member states, the four members of the EFTA (Iceland, Liechtenstein, Norway and Switzerland) and Monaco. It has been implemented to ensure that there is one central clearing house in Europe for all Euros to flow through and not several as there are at the moment.
Does this apply to me?
SEPA regulations will impact Euro payments and collections made in the Eurozone and if you send or receive Euros; you will need to be SEPA-ready by 1st February 2014. Use the table below to determine if you will be affected.
Am I SEPA ready?
If you are sending or receiving payments within the Eurozone you must ensure that you always use the IBAN and SWIFT code along with the correct beneficiary name. From February the 1st 2014 payments within the Eurozone will only be using SEPA and other clearing methods will be disabled. As long as you adhere to this, then you are SEPA ready!
How can FTT help?
FTT Global is an international payments specialist and is on hand 24/7 to assist with any queries relating to sending and receiving funds worldwide. We are already fully SEPA compliant and adhering to these guidelines. If you need any further advice on sending International Payments or SEPA, then please feel free to contact us or register an account to discuss your requirements.
Operations Director, FTT Global.
Categorised in: News
This post was written by Jessica Walters