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Benefits

SEPA aims to remove the technical, legal and commercial barriers to a single domestic payments market. SEPA provides numerous benefits for both consumers and businesses.

 

Consumer benefits

SEPA offers consumers greater choice of service, competition and flexibility to perform euro banking transactions.

Here is just a sample of the many consumer benefits that SEPA can provide:

  • SEPA will see the gradual harmonisation of payment transfer processes across the SEPA zone leading to reliable and high-quality services.
  • Consumers can make all SEPA euro payments from one bank account.

    For example: Those working abroad will no longer need to hold one account at home and another in the country they work in. They will be able to complete all of their electronic transactions from their home account.
  • All electronic payments throughout the SEPA zone will be as easy and cost-effective as domestic payments are today.
  • SEPA makes it possible to pay by direct debit for services provided by companies throughout Europe such as telephone, insurance and other utilities.
  • There are guaranteed, standard timelines for payments and the return of unsuccessful payments.
  • A SEPA debit or credit cardholder can pay or withdraw cash with one card at home and throughout the SEPA zone.

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Business benefits

SEPA offers businesses greater choice of service, competition and flexibility to perform euro banking transactions.

Here is just a sample of the many benefits that SEPA provides for businesses:

  • The harmonisation of payment services across the SEPA zone will result in more reliable and efficient payment transfer processes.
  • SEPA can allow businesses to reduce the number of bank accounts they hold and, in theory to, consolidate payments and liquidity management in one location.
  • Payment transfers will be simplified as all incoming and outgoing payments can use the same format.
  • Businesses will be able to credit salaries to accounts in other SEPA member states.
  • SEPA Direct Debit makes it possible for businesses to set up cross-border direct debits with customers throughout the SEPA zone.
  • Merchants will be able to accept a wider range of debit and credit cards with a single point-of-sale terminal.

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