From the 1st of February 2014 onwards, all transferences and direct debits will take place attending to the new rules of the Single Euro Payments Area (SEPA), introduced by Regulation UE 260/2012 which establishes that only transactions which obey these rules will be allowed to be made.

The main novelty introduced is that banking services users will have to use the International Bank Account Number (IBAN) to identify their account instead of the Client’s Code Account (CCC). Moreover receptor users of direct debits will be able to demand to its entity a higher control before such charges are made into its account.

The Single Euro Payments Area is a step forward to the European integration which intends the removal of barriers and treats differencing between countries, contributing to the development of more competitive, innovator, secure and efficient payment service offers.


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