HSBC Slovakia - HomepageAbout SEPA
The Single Euro Payments Area or SEPA represents a major step towards a true single European market. An initiative of the European Payments Council (EPC), SEPA is being implemented progressively and aims to create a borderless system for payments in euro. Once the SEPA project reaches its objectives, SEPA payments are expected to replace national payment systems throughout in Europe.
Which products are covered by SEPA?
Since its launch in 2008 SEPA has introduced a number of new payment instruments: SEPA Credit Transfers, SEPA Direct Debits and has paved the way for harmonisation of bank cards through the SEPA Cards Framework. As part of SEPA, the EPC also implemented the Payment Services Directive to apply further consistency to payment laws across Europe and establish the legal basis for SEPA.
How does SEPA affect consumers?
SEPA Direct Debit will bring improvements to direct debits made from euro accounts across the Single Euro Payments Area allowing consumers to ensure that the debits made to their accounts are clearly identified. Consumers will receive more information in a standardised and uniform format across SEPA on their bank statement with reference to the creditor's name, operation type, creditor ID and mandate ID. HSBC will be introducing SEPA Direct Debits from 1 November 2010 for consumers (who initiate payments) in nine Eurozone markets: Belgium, France, Greece, Ireland, Italy, Netherlands, Slovakia, Spain and Malta in addition to Germany.
Should you have any questions?
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Helpful Information:
Table of Fees for Corporate Clients (valid from January 1st, 2011) (PDF, 180KB)
The benefits for businesses
SEPA will have will undoubtedly make Europe an easier place to do business. HSBC is a leading voice in shaping SEPA for banking and business, and will work in partnership with you to create and implement the right SEPA strategy for your organisation.
SEPA offers you an opportunity to consolidate your payments and banking relationships, improving efficiency and potentially cutting costs. This is one of the main advantages of SEPA for corporates and HSBC can help support you with centralising your payment operations.
