These days customers of many banks are receiving information related to changes in contractual provisions, to direct debit services of sums of money to the account and credit transfers in euro. In fact, by 1 February 2014 these services previously carried out according to national regulations will be replaced by similar services but based on European interbank procedures. It is therefore not correct to speak about direct debit services anymore but SEPA Direct Debit, while domestic transfers shall be effected by the European Service Credit Transfer (SCT). From now on we’ll talk about the SEPA Credit Transfer (SCT) and SEPA receipts (SDD).
Other business’s receipts and payments such as credit transfers in currencies other than the euro or to the nations that do not belong to the SEPA, will not be modified instead. What does this imply for the client of the bank? Nothing, because economic conditions remain unchanged to the present. Simply the law that provides for the lenders to disclose in writing any unilateral changes to contract terms with a notice of at least two months.
For the few who did not know, SEPA is an abbreviation for the Single Euro Payments Area which includes all the European countries, both those that have adopted the euro and others plus Iceland, Liechtenstein, Norway, Monaco and Switzerland. SEPA is created to allow you to operate on a more efficient harmonized payments market based on the means of payment are common to all and more challenging for the competition and innovation in the chain of payments. He made a big step forward for the integration of European financial markets.