SEPA, BIC, EPC... what do they all mean? See below for a brief explanation of the most common SEPA abbreviations.
BIC Bank Identifier Code. A unique code to identify a bank - used when SWIFT messages are sent to or from banks.
EBA Euro Banking Association. A joint bank organisation which handle EUR clearing and settlement.
EPC European Payments Council. A European co-operation organisation for banks within SEPA.
IBAN International Bank Account Number. A standardised account number structure for euro payments within the EU/EEA.
ISO 20022 A standard developed by the International Organization of Standardization . ”ISO 20022 – Universal Financial Industry Message” is a platform for developing types of messages for the financial world.
PSD Payments Services Directive. An EU directive aimed at creating harmonised legal frameworks and terms for a single payments market. Covers payments in euro as well as local payments in all member state currencies. The directive will be part of domestic legislations in November 2009 at the latest.
SEPA Single Euro Payments Area. A project being run by the banks in Europe, together with the EU and the European Central Bank, with the aim of harmonising the payments market in Europe.
