What is SEPA?
The Single Euro Payments Area or SEPA is the area where citizens, companies and other economic participants make and receive payments in euro, whether between or within national boundaries, under the same basic conditions, rights and obligations. The Single Euro Payments Area is made up of 34 countries - all the 28 EU member states, together with Iceland, Liechtenstein, Monaco, Norway, San Marino and Switzerland.
Achieving the Vision and Goals of SEPA
The creation of a fully integrated environment for euro payments - SEPA, is achievable through the implementation of the SEPA Migration End-Date Regulation (Regulation (EU) 260/2012), which established 1 February 2014 as the deadline for the compliance with its core provisions.
This Regulation requires the use of specific standards for the processing of Euro payments on both the banks and their customers. Legacy payment instruments used for the processing of euro payments within SEPA have been dismantled and replaced with the new SEPA-wide payment instruments.
This SEPA initiative enables both personal and business customers to make cashless euro payments throughout the Single Euro Payments Area (SEPA) from a single payment account anywhere in that area using a single set of payment instruments.
BOV and the Single Euro Payments Area (SEPA)
Bank of Valletta has been a participant for SEPA Credit Transfers since 28 January 2008. Whilst on the 9 January 2012, BOV became a participant in SEPA Direct Debits, both as a ‘Debtor Bank’ and as a ‘Creditor Bank’.
BOV is there to assist you in any matters relating to SEPA.
Our Customer Service Centre personnel, who can be contacted on +356 2131 2020, are more than happy to assist you and answer any questions you may have.