Bank Account and Payments

The Single Euro Payments Area (SEPA) is an initiative in which payments are not categorised as national and international. The SEPA includes all European Union (EU) member states and European Economic Area (EEA) states, i.e. Norway, Iceland, Lichtenstein, as well as Switzerland and Monaco.

Aim of SEPA

SEPA is a European banking sector initiative of the European Payments Council, the aim of which is to create an integrated European payments system abolishing national payment instrument differences and promoting unified standards, rules, and terms. In this manner, business and trade activities are facilitated and Europe’s competitiveness is boosted.

Effect of SEPA on clients of the Bank

On 28 December 2008, Danske Bankas joined the SEPA. Client payment orders in euros are automatically checked for compliance with SEPA requirements and for membership of the recipient’s bank in SEPA. Such payments are carried out as SEPA payments.