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GLOSSARY

SEPA (Single Euro Payments Area)

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SEPA definition

The Single Euro Payments Area (SEPA) allows businesses, individuals and other institutions to make cashless euro payments, such as credit transfers and direct debits, across the European Union and certain non-EU countries. These payments are processed with the same speed, security, and efficiency as domestic transactions.

Initially introduced for credit transfers in 2008, followed by direct debits in 2009, SEPA was fully implemented by 2014 in eurozone countries, with non-euro SEPA countries following by 2016. Nowadays, the SEPA region consists of the 27 EU member states and the other countries in the European Economic Area (EEA), namely Iceland, Liechtenstein, Norway, Switzerland and Monaco.

SEPA: Good to know for SMEs

As a SEPA transfer works like a local transfer, it is a more cost-effective option for SMEs compared to traditional cross-border payments. Moreover, SEPA offers enhanced security through advanced encryption technologies that protect sensitive data.

How to avoid high transaction fees?

amnis is a financial service provider that allows businesses to open a single account, giving them access to local payment systems like SEPA, whether they are local enterprises or global corporations. With amnis, there’s no need to open separate foreign currency accounts at your local bank. You can manage over 20 currencies through a single interface. Additionally, you can open local IBAN accounts in your company’s name in key global markets, even without a physical presence there.

 

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About amnis

amnis offers a comprehensive platform for international banking, offering a range of tools in one place. Transfer money abroad, exchange currencies 24/7 and collect international money transfer with your own IBAN accounts supporting  20+ currencies. Founded in 2014 in Zurich, amnis is a regulated payment institution under the supervision of the Banking Supervision Section in Liechtenstein (FMA) within the EEA.

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