What is SEPA?
SEPA is the single, integrated European market, which allows the free flow of goods and services across the region. SEPA also increases opportunities for innovation and competition in payments.
SEPA is an opportunity for your business. The common payment area could impact your cash management arrangements, giving you greater visibility over your European cash positions. It might also allow you to centralise your payments.
SEPA is the single, integrated European market, which allows the free flow of goods and services across the region. SEPA also increases opportunities for innovation and competition in payments.
The SEPA direct debit for debtor consists of two services; CORE and B2B and can be used for euro-dominated payments throughout the SEPA. The CORE service is targeted for corporates and consumers, whereas the B2B service is targeted for corporates only.
As a debtor you need to sign a service agreement with Nordea. This is done by contacting your own Nordea branch.
The SEPA Direct Debit Creditor service enables you to debit the debtors’ EUR accounts in the SEPA area. You can use SEPA Direct Debit Creditor service to collect funds from consumers and corporate customers who have given their prior approval to it with a mandate. The SEPA Direct Debit Creditor service has two optional services: CORE and B2B.
The SEPA Direct Debit Creditor service provides you a simple and cost-efficient way to collect funds from SEPA-countries. It enables liquidity centralisation, certainty of payment completion within a predetermined time cycle, and the possibility to optimise and streamline internal processes with easy reconciliation of payments received. It also enables to start investigation immediately if transaction has been rejected or refunded.
You can use SEPA Direct Debit Creditor Services as an alternative for SEPA Credit transfers when collecting euros in the SEPA area.
As a customer of Nordea, you have the advantage of being among the first ones in Finland to use this service. The service will become available to you in stages. You are now able to receive SEPA Instant Credit Transfers from European banks.
Nordea transfers the funds to your euro-denominated account immediately once the payment has arrived to Nordea as a SEPA Instant Credit Transfer. No additional fees will be charged - you will receive the funds to your account faster and at the same rate as with SEPA Credit Transfer.
There is a maximum limit of 100,000 euros per single payment which applies to all banks offering the service.
The service is in its initial phase in Europe and the number of participating banks will grow gradually. The banks can decide themselves in what schedule they will start to offer the service.