SEPA - Single Euro Payments Area

About

SEPA (Single Euro Payments Area) refers to the single payment area for executing and receiving payments in euros under equal terms, rights and obligations, regardless of where the payers and payees are located.

The main objective is to establish a single payment system throughout the Eurozone and other European countries that have a national currency but accept payments in euros, and which are members of the SEPA area.

The SEPA area includes 36 states, of which 28 member states of the European Union and Iceland, Liechtenstein, Norway, Switzerland, Monaco San Marino, Andorra and the Holy See (the Vatican City State). 

SEPA payment instruments

1. SEPA Credit Transfers (Payment Orders)

SEPA credit transfers are all payments that the payer initiates to the debit of his account in favour of the payee’s account (cashless payment, transfer of funds from the payer account to the account of the payee).

2. SEPA direct debit

SEPA direct debiting is a payment service in euros for payment from the account of the payer (a natural person or business entity) initiated by the payee (business entity) based on the consent of the payer.

A payer is a natural person or business entity whose account is charged for a certain amount to the payee (business entity).

The payee is a business entity that initiates a payment based on the consent of the payer.

In the Republic of Croatia, Fina issues a unique identifier to the payee, which is called the Creditor Identifier (abbrv. CI), solely through their commercial bank when contracting SEPA direct debit

Applied since June 5, 2017.

Benefits of direct debit:

• safer and more efficient way of executing payment services within the predefined deadline
• more efficient management of liquidity and collection of claims
• standardized billing file format.

SEPA approvals

By signing the SEPA Direct Deposit Agreement for Businesses, a business entity gives its approval for the recipient of the funds to send an order for a SEPA direct debit payment to their bank, which will be charged to the payer's transaction account.

Useful links

Croatian National Bank (CNB)

Croatian Banking Association (HUB)

European Payment Council (EPC)

European Central Bank (ECB)

European Commission (EC)

Official SEPA project site for the Republic of Croatia

SEPA approvals

By signing the SEPA Direct Deposit Agreement for Businesses, a business entity gives its approval for the payee of the funds to send an order for a SEPA direct debit payment to their bank, which will be charged to the payer's transaction account.

At the Fina branch offices, you can sign the SEPA Consent for Business direct debit for these payment recipients:

• ČISTOĆA d.o.o.
• DUNDOVO d.o.o.
• GRAD MALI LOŠINJ
• GRAD POREČ-PARENZO
• HEP ELEKTRA d.o.o.
• HEP OPSKRBA d.o.o.
• HEP-PLIN d.o.o.
• HEP TOPLINARSTVO d.o.o.
• ISKRA SVJETLOSTI
• KOMUNALNE USLUGE CRES LOŠINJ d.o.o.
• PEOVICA d.o.o.
• RAIFFEISEN LEASING d.o.o.
• UDRUGA SOS - DJEČJE SELO HRVATSKA
• VODOOPSKRBA I ODVODNJA CRES LOŠINJ d.o.o.

Documents