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 27 member states of the European Union and Iceland, Liechtenstein, Norway, Switzerland, United Kingdom, 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 Direct Debit Mandate of the payer.

Core Direct Debit can be arrangeed by natural persons (national and cross-border payers) and business entities (national and cross-border payers).

Business to Business Direct Debit can be arranged by business entities (national and cross-border payers). 

A payer is a natural person (national or cross-border) or business entity (national or cross-border) 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 Direct Debit Mandateof the payer.

National payer is a natural person or business entity that has a bank account opened in the Republic of Croatia.

Cross-border payer is a natural person or business entity that has a bank account opened in one of the countries of the SEPA zone, except in Republic of Croatia.

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.

SEPA Direct Debit Mandates for business entities

By signing the SEPA Direct Debit Mandates 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 Mandate 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 Direct Debit Mandate for Business direct debit for these payment recipients:

Documents

Check Documents for Business entities