SEPA brought changes in the payment of bills and salaries, in card use, card payment and direct debit.
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.
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.
|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.
|NLF/PSD||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 (SEPA Credit Transfer). The specifications of this protocol can be found on the website of the Federation of Finnish Financial Services.|