SEPA (Single Euro Payment Area) is a payment integration initiative for payments in euros. It allows consumers and businesses to make euro payments under the same conditions, rights and obligations. It makes cross-border payments easy to make and efficient equally as the payments within one country.
It is an initiative of the European banks covered by the European Payments Council (EPC). The banks and European organisations associated in it since 2002 establish common principles and uniform SEPA payment tools.
UniCredit Bank supports all SEPA payment tools. We were the first in the Czech Republic to implement SEPA direct debit.
Individual banks could join this initiative on a voluntary basis. The European Commission Directive no. 260/2012 of 4 March 2012 set out the date of 1 February 2014 for the eurozone countries as the deadlines for the countries to change their national payment systems to the uniform SEPA system and the date of November 2016 for the remaining European Economic Area countries to comply with European Commission Directive no. 260/2012. UniCredit Bank Czech Republic and Slovakia, a.s., has been a member of SEPA by way of its parent bank since 2008.
The European Payments Council (EPC) is working on an extension of SEPA tools to include, in particular, the following services: