SEPA payment instruments

In the euro area, SEPA payment instruments for credit transfers and direct debits fully replaced national payment procedures by August 1, 2014.

Under Regulation (EU) No 260/2012 and Regulation (EU) 248/2014 payment service providers (PSPs) must fulfill the following prerequisites for SEPA credit transfers and SEPA direct debits from August 1, 2014:

  • PSPs must be reachable in accordance with the rules of an EU-wide payment scheme. All accounts reachable for a national credit transfer or direct debit must be reachable also for a SEPA credit transfer or direct debit from the entire EU.
  • The IBAN is the only valid payment account identifier for national and cross-border euro transactions within the European Economic Area.