SEPA in Finland Glossary Useful links SEPA in Finland

SEPA

SEPA brought changes in the payment of bills and salaries, in card use, card payment and direct debit.

Credit transfer

The most visible change was the new format in which account numbers are presented.

Account numbers were changed to the international IBAN format by adding the country code in front of the number and by calculating control numbers for the new account number format. This means that the same rules can be used in all countries to check the account numbers. Invoice forms must have the account number, but also the account bank's BIC (=bank identifier code), in other words, the bank's international identifier.

Cards

The use of all domestic payment cards was discontinued with SEPA and card users selected other cards from Nordea's card selection to replace them.

National direct debit 

Direct debit has ended in Finland. We consequently recommend our customers the e-invoice as a replacement.

Glossary

SEPA - Terminology
AbbreviationExplanation
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. 

NLF/PSDNew 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 (SEPA Credit Transfer). The specifications of this protocol can be found on the website of the Federation of Finnish Financial Services.
Useful links
Products in focus All products and services Products in focus

ePiggy

Saving with ePiggy is easy and simple.

You can save small amounts at a time while paying with your card.

Disposal Account

An account for daily banking.

Choose Disposal Account for your salary, pension, child allowance or other recurring payments and complement it with suitable services.

Credit transfer

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

They can be made in many different ways: in Netbank, at a payment ATM, or as branch service.

All products and services

E-invoice

You can receive your invoices in an electronic format directly in your Netbank.

E-invoice is environmentally friendly and inexpensive; it is included in the fee for Netbank access codes.

E-payment

An electronic method of payment in which the payment is directly transferred from the buyer to the seller when paying for an online purchase.

You only need your Netbank access codes for using the e-payment service.

ePiggy

Saving with ePiggy is easy and simple.

You can save small amounts at a time while paying with your card.

Disposal Account

An account for daily banking.

Choose Disposal Account for your salary, pension, child allowance or other recurring payments and complement it with suitable services.

Payment service

Use of the payment service suits you if you do not want to use self-service options to pay your bills.

The bank will debit the bills to your account on their due dates.

SEPA direct debit

SEPA direct debit makes it possible to order and pay for services across Europe.

Use of the SEPA direct debit service requires that you have concluded a service agreement with Nordea, which is easy to make in Netbank. 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.

They can be made in many different ways: in Netbank, at a payment ATM, or as branch service.

Currency payments

You can pay your foreign currency payments easily with your access codes.

You get valuable benefits when you make payments in Netbank.

Foreign Currency Account

Foreign Currency Account - just like an ordinary bank account.

It is the most cost-effective way to invest abroad but remember that there are risks related to exchange rates.

E-salary

An electronic payslip which you can view through Netbank.

Ask your employer about the possibility to receive your payslip electronically, so that you will be able to start using the e-salary service.

Rental security deposit account

You can open a rental security deposit account when you are renting a flat.

Your rental security deposit account will be a PerkAccount which gives you a higher interest on your security deposit than a Disposal Account.

Advice on accounts and payments

Woman in striped shirt by computer 

Account statements delivered to your Netbank

If you have Nordea’s access codes, you can sign up for the electronic account statement and give up the paper version.

Hand turning pages 

IBAN and BIC

International Bank Account Number and Bank Identifier Code.