SEPA

Single Euro Payments Area in Europe

From the beginning of 2008, a period of transition over to the Single Euro Payments Area, SEPA, began in Europe.

Private citizens will be able to travel, live and own property more easily in the other European countries, when the same payment instruments and channels will function in all the SEPA countries. Buying services and products in the various European countries will become simpler, when payment transactions can be made under the same terms and conditions as in the home country.

In order to be able to utilise the new payment potential as effectively as possible, consumers should familiarise themselves with the new payment instruments. The changes compared to the current payment instruments used in the home country will be minor, however.

SEPA credit transfers can be made in Nordea’s Netbank as of the beginning of 2008. Instructions and news on the subject are available in Netbank. The domestic account transfer forms will also gradually undergo changes. Special attention should be paid to the new way in which account numbers are presented (International Bank Account Number, IBAN). In the future the beneficiary’s account number in payment orders will be given in the IBAN format.