Payment transmission in Europe

Payment traffic in Finland forms part of the European payment system. Domestic payment transmission methods have been discontinued in Finland.

SEPA credit transfers are used for the payment of invoices and salaries to Finnish and other eurozone accounts.

National direct debits are no longer possible.

SEPA Invoices and salaries Direct debit Glossary Links SEPA

In the SEPA system, the condition for the transmission of a payment is that the payee's account number is entered in IBAN format, so that the payment can be routed to the correct country.

Nordea offers companies various options for SEPA payments.

The most convenient of these is Corporate Netbank. Solutions based on file transfers enable payments to be fully automated, when the number of payments is high.

Invoices and salaries

Nordea offers companies various options for SEPA payments. The most convenient of these is Corporate Netbank. Solutions based on file transfers enable payments to be fully automated, when the number of payments is high.

Options in a nutshell:

  • In Netbank, you can conveniently make individual payments as SEPA credit transfers. Through Netbank, you can also send payment files created in your financial administration system to the file transfer service.
  • If you wish to automate your invoice and salary payments, connect your payment system to Nordea's file transfer and the Corporate Payments Service via a Web Services connection.

With SEPA credit transfers, you can make payments to any country in Europe. And using the Corporate Payments Service, you can also pay salaries. In Finland, salaries are transmitted to all payees on the same day, in line with the national practice.

Direct debit

Direct debit has ended in Finland on 31 January 2014

With the transition to the Single Euro Payments Area, the national direct debit has ended. We consequently recommend our customers the e-invoice as a replacement.

Glossary

SEPA-terminology
BBANBasic Bank Account Number; the national form of an account number
BICBank Identifier Code; a bank’s electronic address with which a bank can be identified in international payment transfers. The same as the SWIFT code.
B2CBank to Customer; from the bank to the customer
C2BCustomer to Bank; from the customer to the bank
EBAEuro Banking Association; a service centre providing settlement and cover transfer services regarding interbank payments; an ACH (automated clearing house), which Nordea will use in SEPA payments.
ECBEuropean Central Bank
EMVEuropay Mastercard Visa standard for new chip-based debit cards in international common use.
EPCEuropean Payments Council; a European decision-making body common to European banks in European-wide payment matters; a body developing the SEPA standards and rules.
IBANInternational Bank Account Number; the international form of an account number, which is formed of BBAN by inserting the country code and control numbers. Customers can obtain the IBANs of their accounts from their own bank. The IBAN of the recipient of a payment will be marked in invoices, for example.
ISO 20022

A batch of payments-related standards developed and maintained by a standardisation organisation operating under the UN. Standards have been drafted for both account transfers and direct debit. Moreover, the standards include application instructions for messages transferred from the customer to the bank, messages between banks, messages transferred from the bank to the customer and messages required by exceptional handling of payments.

NLFPSDNew Legal Framework/Payment Service Directive; a directive regarding payment services.
PE-ACHPan-European Automated Clearing House; a clearing system for payment transfers between European banks.
SEPASingle Euro Payments Area consisting of the 28 EU Member States and 3 EEA countries (Norway, Iceland, Liechtenstein) and Monaco and Switzerland.
SEPA Credit TransferSEPA account transfer, which meets the pan-European rules and standards within the Single Euro Payments Area.
SEPA Debit CardA debit card meeting the SEPA standards and functioning in the same way all over SEPA.
SEPA Direct DebitSEPA direct debit meets the pan-European rules and standards within SEPA.
UNIFI (ISO 20022) XMLSee ISO 20022.
Web ServicesWeb Services is a data transfer protocol based on international standards maintained by the W3C organisation. Web Services is also a new corporate security and message protocol used in the banks’ Cash Management services (ia SEPA Credit Transfer). The specifications of this protocol can be found on the website of the Federation of Finnish Financial Services.
Links
In focus All products In focus

E-payment

Using e-payment means safety, security and ease in Internet commerce.

It is a suitable means of payment for almost all kinds of e-commerce.

Credit transfer

Credit transfer is an easy way to make euro payments in Finland and to European banks.

Credit transfers are made in the same way irrespective of whether the payee's account bank is in Finland or abroad.

Foreign currency payment

Payment instruction is the easiest way for your company to receive and make foreign currency payments overseas or to other Finnish banks.

You can also make euro payments as a payment instruction to non-European countries.

All products

E-invoice

Send e-invoices to businesses and consumers.

We offer your company the suitable way to send and receive e-invoices whether you use Netbank or your own financial administration system.

E-payment

Using e-payment means safety, security and ease in Internet commerce.

It is a suitable means of payment for almost all kinds of e-commerce.

SEPA direct debit

SEPA core direct debit for debtor is a direct debit service you can use for euro-dominated invoices throughout the SEPA.

Use of the SEPA core direct debit service requires that you have concluded a service agreement with Nordea. Give the direct debit authorisation to your invoicer.

Credit transfer

Credit transfer is an easy way to make euro payments in Finland and to European banks.

Credit transfers are made in the same way irrespective of whether the payee's account bank is in Finland or abroad.

Foreign currency payment

Payment instruction is the easiest way for your company to receive and make foreign currency payments overseas or to other Finnish banks.

You can also make euro payments as a payment instruction to non-European countries.

E-salary

The e-salary enables the electronic delivery of payslips so that the salary earners can view them in Netbank.

The e-salary suits all organisations irrespective of the sector.

Advice on payments

Sail boat stem 

SEPA in Finland

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Hand turning pages 

IBAN and BIC

International Bank Account Number and Bank Identifier Code.