SEPA, Single Euro Payments Area, February 2014

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The Member States of the European Union (to which have been added Iceland, Liechtenstein, Monaco, Norway and Switzerland) have agreed on a set of standards and rules on bank transfers, direct debits and cards, which will enter into force on February 1, 2014. In this way all payments will be made in euros with the same basic conditions and with equal rights and obligations.

The advantages of this new SEPA zone include the possibility of using a single bank account, greater protection for users and a supposed increase in competition by improving efficiency in the execution of payments.

This new measure will require that the electronic payment systems of government applications have to be modified to adapt to the 24-character IBAN encoding, unlike the current system, which has 20 characters.

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