SEPA is an area in which consumers, companies and other economic actors are able to make and receive payments in Euro, whether within or across national borders, with the same basic conditions, rights and obligations, regardless of their location within the EE.

Click on information leaflet prepared by the European Central Bank. 

SEPA Components

1. Credit Transfers

2. Direct Debits

SEPA Direct Debit Scheme has been in effect as from 1st March 2014.

For the creation of a SEPA Direct Debit specific technical and procedural standards are applied, which are determined by relevant legislation and are followed in accordance with the specific terms and regulations described in SEPA Rulebook.

To initiate or cancel a SEPA Direct Debit, the consumer must contact the Organisation / Beneficiary directly. The Bank cannot initiate or cancel such a mandate.

Consumer Obligations / Rights

•  Always acts in good faith

• Ensures that the necessary amount is available in his / her account for the order to be executed / honored.

• Authorizes the Organization by signing the relevant delegation mandate

• Is entitled to request a refund of a charge made in his/her account within 8 weeks of the date of charging. The main reasons for a refund request are cases of disagreement with the amount of the charge or the questioning of granting authorization to the Organization. Based on the SEPA Direct Debit (SDD) Regulations the consumer is not obliged to give the reason for the request for a refund if this is done within 8 weeks of the date of charging.

• Is entitled to request a refund within 13 months of the date on which the payment is made only if the signing of an authorization mandate to the Organization is challenged. In this case, the Bank initiates a dispute procedure and depending on the outcome of the investigation, the consumer is either compensated or the claim is rejected.

• The Bank offers the possibility to create a Black List with Organizations from which the consumer does not approve debits.

• The Bank offers the possibility to create a White List for which the consumer approves payments to specific Organizations.

• The consumer may suspend (not cancel) the validity of a specific Direct Debit for a specific period.

3. Card Payments

There is no discrimination between national and cross-border payments as each card holder will be able to use one card at any ATM or POS (Point of Sale) all over the euro area, with the same basic conditions.

4. Cash

It aims the smooth operation of cash in the banking industry in order to further harmonise National Central Banks’ cash services.