What is a SEPA payment?

SEPA (Single Euro Payments Area) is a payment integration initiative used in the EU and several non-EU countries, including Andorra, Iceland, Liechtenstein, Monaco, Norway, San Marino, and Switzerland.

Key Points About SEPA Payments:

1. Currency and Scope: SEPA payments are made exclusively in Euro and can only be processed between countries within the SEPA zone.

2. IBAN Format: To make a SEPA payment, you need to use an IBAN (International Bank Account Number). This format includes a 2-digit country code, a 2-digit checksum, and the account number of the financial institution.

3. SWIFT Payments: If you send a SWIFT payment to an IBAN designated for SEPA, it will be rejected. SEPA payments must be made within the SEPA system and cannot use SWIFT for cross-border Euro transactions.

4. Types of SEPA Payments: Valyuz currently supports regular SEPA payments but does not process SEPA Instant payments.

For more details or assistance, please contact our support team.