Eurotilisiirrot

Eurotilisiirrot, also known as SEPA transfers or Single Euro Payments Area transfers, are electronic credit transfers of funds denominated in Euros between bank accounts located in the SEPA zone. The SEPA zone comprises all European Union member states, along with Iceland, Liechtenstein, Norway, Switzerland, and several microstates. The primary objective of SEPA is to simplify and standardize cross-border euro payments, making them as easy and as cheap as domestic payments.

These transfers are governed by common rules, standards, and legal frameworks that apply across all participating countries. This harmonization ensures that consumers and businesses can initiate and receive euro payments electronically from and to any SEPA country with the same ease and efficiency. The introduction of SEPA transfers has significantly streamlined international financial transactions within Europe, reducing processing times and costs.

There are different types of SEPA transfers, including SEPA Credit Transfer (SCT) for one-off payments and SEPA Direct Debit (SDD) for recurring payments. SCT allows for the initiation of payments from a payer's bank account to a payee's bank account, while SDD permits a payee to collect funds from a payer's bank account after obtaining their explicit consent. Both systems utilize standardized formats for payment data, facilitating automated processing by financial institutions. The IBAN (International Bank Account Number) and BIC (Business Identifier Code) are crucial for identifying accounts and banks within the SEPA system.