SEPA stands for Single Euro Payments Area. It is an area that is made up of the 28 states that make up the European Union and includes the 19 that are in the Eurozone, plus additional European countries such as Andorra. SEPA has a total population of over 500 million citizens and more than 20 million businesses. SEPA citizens, companies, and European public authorities can send and receive payments in Euros with the same conditions, rights, and obligations.
SEPA stands for Single Euro Payments Area. It is an area that is made up of the 28 states that make up the European Union and includes the 19 that are in the Eurozone, plus additional European countries such as Andorra. SEPA has a total population of over 500 million citizens and more than 20 million businesses. SEPA citizens, companies, and European public authorities can send and receive payments in Euros with the same conditions, rights, and obligations.
This provision has greatly been enabled by the introduction of the Euro as the area's single currency. However, until recently, there was the obstacle of difficulties in paying for goods or services electronically even within SEPA using a bank debit card which was the most popular option in Europe. Also, when one wished to transfer funds from a home bank account to another in a different Euro area, the payments took time and sometimes the recipient did not receive the full amount as dispatched because of different charges among the banks.
SEPA clears the way
SEPA cleared the way for fast, secure payments. It made it as easy as making local cash payments. This means if you were shopping abroad, it became possible to use your bank debit card to make payments in Euro, just as you would if you were shopping in your own country.
As of August 2014, the national Euro Credit Transfer and Direct Debit Schemes were eliminated. In their place, Direct Debit and Credit Transfer options were put in place. Non-Euro countries were expected to adopt the same changes by 31 October 2016. These regulations were to be adopted by payment service companies and payment service users including public organizations and government agencies.
SEPA API
Application Programming Interface (API) is a computer programming term that refers to a set of subroutine definitions, protocols, and tools that are needed to build application software. API makes it possible to create a computer program that serves a particular purpose. SEPA API refers to computer programs that are made specifically to facilitate SEPA payments.
SEPA-dedicated API significantly reduces the risk of payments failing to go through and the costs that such incidents cause. We facilitate SEPA payments using API that is easily integrated with your Payment, Accounting and ERP systems. This automates the internet, corporate, bank branch and initiation of mobile payments.
Our API
- Converts SortCodes and Account Numbers
- Checks BIC codes
- Performs IBAN Validation
- Validates payments reference data for SEPA compliance
Eat your cake and have it
In 2014, PWC estimated the overall gains of SEPA to all stakeholders at €21.9 billion per year. At this rate, the SEPA cake is set to keep growing. However, to eat a good size of the SEPA cake and have it too, it is important to be able to offer reliable and secure SEPA API services. Contact us and we will put you on the edge of this technology that will give you an edge over the rest.