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.
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.
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 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.
|BBAN||Basic Bank Account Number; the national form of an account number|
|BIC||Bank Identifier Code; a bank’s electronic address with which a bank can be identified in international payment transfers. The same as the SWIFT code.|
|B2C||Bank to Customer; from the bank to the customer|
|C2B||Customer to Bank; from the customer to the bank|
|EBA||Euro 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.|
|ECB||European Central Bank|
|EMV||Europay Mastercard Visa standard for new chip-based debit cards in international common use.|
|EPC||European Payments Council; a European decision-making body common to European banks in European-wide payment matters; a body developing the SEPA standards and rules.|
|IBAN||International 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.|
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.
|NLFPSD||New Legal Framework/Payment Service Directive; a directive regarding payment services.|
|PE-ACH||Pan-European Automated Clearing House; a clearing system for payment transfers between European banks.|
|SEPA||Single Euro Payments Area consisting of the 28 EU Member States and 3 EEA countries (Norway, Iceland, Liechtenstein) and Monaco and Switzerland.|
|SEPA Credit Transfer||SEPA account transfer, which meets the pan-European rules and standards within the Single Euro Payments Area.|
|SEPA Debit Card||A debit card meeting the SEPA standards and functioning in the same way all over SEPA.|
|SEPA Direct Debit||SEPA direct debit meets the pan-European rules and standards within SEPA.|
|UNIFI (ISO 20022) XML||See ISO 20022.|
|Web Services||Web 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.|
Do you need more information about SEPA?
On this page you can find useful links if you need more information about SEPA.
|Federation of Finnish Financial Services|
|The European Central Bank (Here you can find ia a brochure on SEPA drafted by the Central Bank)|
|EPC - European Payments Council|
(EPC is the decision-making and coordination body of the European banking industry in relation to payments. The council drafts the SEPA standards and rules.)
|The European Union|
|The European Commission - Press release|
|The European Commission FAQ|
|The European Commission - Directives|