The letter combination SEPA means a single euro payments area within European Union. With the introduction of a common currency, the need for single payment service standards arose, so people could execute euro payments across Europe as easily as domestic payments. In 2012, the European Parliament and Council of the European Union issued the SEPA Regulation, which established that all euro payments would have to be switched to common standards and meet the same technical requirements by 1 February 2014, at the latest.

The aim of the SEPA Regulation is to make the managing of money matters convenient, strengthen the internal market of Europe, intensify competition and efficiency, and contribute to the region’s economic development. Switching to common standards on February 2014 involved changes both for private clients and businesses.

Main changes for private clients

1. Only the international account number IBAN remains in use
2. Domestic payments use a single payment standard, European payments (SEPA payments)
3. The direct debit order service was replaced by the e-invoice service
4. To meet the requirements of the Regulation No 260/2012 of the European Parliament and of the Council, we shall make a change in the account statement. Starting from 28 March 2016 we are using in Internet Bank account statements only BIC codes for the fields of the beneficiary/remitter. The former domestic 3-digit identifiers of the banks (e.g. 401, 767, etc.) will be replaced with the international bank identifier codes i.e. with BIC codes (e.g. 401=EEUHEE2X). BIC codes occur in the CSV statement.

Additional information about SEPA will be added to this page throughout the year. Should you have any questions, contact your client executive in SEB, write us from the Internet bank, or to , or call customer support at 665 5100.

Useful links

• SEPA info in SEB group’s page