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What is SEPA?

SEPA means Single Euro Payments Area where customers, legal entities and public authorities will be able to initiate and receive euro payments under the same basic conditions, with the same rights and obligations, regardless of their location.

SEPA aims to create a single payment system.

SEPA consists of 34 countries: all Member States of EU, Iceland, Liechtenstein, Norway, Switzerland, Monaco and San Marino.

What are deadlines for migration of the Republic of Croatia to SEPA standards?

The deadline for the adjustment prescribed for Member States whose currency is not the euro, including the Republic of Croatia, is 31 October 2016.

According to the National SEPA Migration Plan, the deadline for implementation of SEPA rules and standards for credit transfer and direct debit is defined:

  • National kuna credit transfer as well as national and cross-border euro payments – June 6, 2016
  • Direct debit in kuna – June 5, 2017

Credit transfer means a national or cross-border payment service for crediting a payee’s payment account with a payment transaction or a series of payment transactions from a payer’s payment account by the payment services provider which holds the payer’s payment account, based on an instruction given by the payer.

The basic SEPA Credit Transfer standards are as follows:

  • the payer's and payee's account are defined by the IBAN;
  • the payer's and payee's payment service providers (banks) are defined by the BIC;
  • payment transactions are executed in accordance with the ISO 20022 XML message format.

Direct debit in kuna means a national payment service for debiting a payer’s payment account, where a payment transaction is initiated by the payee on the basis of the payer’s consent.

The basic SEPA direct debit standards are as follows:

  • the payer's and payee's account are defined by the IBAN;
  • the payer's and payee's payment service providers (banks) are defined by the BIC;
  • payment transactions are executed in accordance with the ISO 20022 XML message format.

All information and news related to SEPA are available at http://www.sepa.hr/