SEPA payment definition
Examples of SEPA payment in a sentence
Current Account Current account opened for the Investor in a credit institution, payment or electronic money institution registered and/or licensed in the European Economic Area, Switzerland or the United Kingdom, and the payment made meets the following criteria: a) the type of payment is a SEPA payment made in euro; b) the payment is made from the Investor’s current account (IBAN); c) the Investor’s name and surname are clearly and precisely indicated in the details of the received payment.
Payment Transfers initiated by NovaPay may be standard (SEPA payment or non- urgent for another type of payments) and urgent (such as SEPA instant, or urgent for another type of payments, if there is a technical possibility for that).
If the Customer instructs Barclays to make a SEPA payment (or receives an Instruction to credit a SEPA payment) and the Customer does not have a euro account from which to make or receive the payment, then the transaction will be rejected (or returned to the paying bank).
A SEPA Scheme is a set of rules, practices and standards to achieve interoperability for the provision and operation of a SEPA payment instrument agreed at interbank level.
With a SEPA payment, the payer (with a SEPA credit transfer) or the payee (with a SEPA Direct Debit) can include up to 140 characters of information about the payment at the time of initiating it.
Payment Transfers initiated by Alphapay may be standard (SEPA payment or non- urgent for another type of payments) and urgent (such as SEPA instant, or urgent for another type of payments, if there is a technical possibility for that).
For instance: when a customer wishes to initiate a SEPA payment, he or she must provide the Bank with the beneficiary's IBAN.
Liaise with Customer bank to set up a SEPA payment mechanism via an online banking portal ✓ Liaise with Customer bank to set up and maintain user accounts to the SEPA payment system mechanism ✓ Run the SEPA file and report creation process for payments as defined in the Payroll Service Requirement form.
If the SEPA payment method is not available for your EUR transfer, instruct your bank to execute payments via the serial payment method in order to avoid the MT202 COV cover payment routing.
Institutions/entities/undertakings, incorporated in a non-EEA country to which the geographical scope of the SEPA payment schemes has been extended, that have been licensed by the relevant National Competent Authority in accordance with the applicable requirements, and are listed under the document [12].