Today we
discuss about a big change at European level that affects the banking and
commercial transactions throughout the European Economic Area. This is the SEPA (Single Euro Payments Area ).
SEPA
is an initiative that enables individuals, companies, agencies, etc… to make
their payments in euro, national or international, under the same basic
conditions and with the same rights and obligations, regardless of where they
are located. The
SEPA zone is composed of the 27 member countries of the European Union as well
as Iceland, Liechtenstein, Monaco, Norway and Switzerland.
The SEPA system is already active but will become obligatory in February 2014. From that moment you can only use these European standards to make your transfers
and debits. The unified criteria provides greater safety, simplicity and speed on the economic transactions.
In this way, the bank account will be identified by IBAN digits, rather than by the CCC as before, and must communicate this to all your IBAN counterparts. From a single account you can manage all charges and payments received by both within Spain as other countries of the European Economic Area. Even if the accounts of the customers or suppliers are out of Spain.
In addition to changes in the content of the information exchanged with your bank entity , another major change is that as a receipts issuer, you shall obtain from each customer a mandate and guard it . The mandates of your customers before dated February 2014 shall remain in force. Each time you issue receipts will be attached to each presentation including the basic information for the command. Debtors may require the banks for more control before the charge in the account.
The commissions
charged for international payments will equal the equivalent national
operations, regardless of amounts. This was a long time petition
that will finally become effective in order to reach the unification inside the
European Economic Area.
For further details do not hesitate in contact VP Advisers.
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