SEPA or ‘A Single Euro Payments Area’ is a cashless payment digital banking system where you can electronically make euro transactions across countries in 36 EU & EEA states throughout Europe.
At Orenda Financial Services, SEPA payments are one of the convenient financial services we offer to our clients. Making cashless payments from one bank account to another between European countries has never been so effortless and convenient as it is with using SEPA.
It’s not only effortless but also better suited to your pocket, as it is less expensive than conventional transactions for cross-border European banking, saving you time and saving you money. But let’s first take a look at what exactly a SEPA payment is and how it simplifies the world of financial transactions.
How are SEPA payments simplifying financial transactions?
SEPA makes transactions inexpensive and generally, it is as easy as making a domestic payment. One might ask why these transactions would be less costly than, say, the older methods of conventional banking in moving funds across countries in Europe. The answer lies in the competitive field that opened up for financial institutions with SEPA being introduced.
This means more financial companies want a piece of this pie by offering competitive banking rates to stay ahead of the race. Additionally, SEPA creates a one-stop-shop where clients only need a single payment account to make payments anywhere in Europe. It takes the frustration and time delays out of the equation, allowing you to focus on things that matter in real-time.
Add to that the quick turnaround time of one day and you have a remedy for everyday financial frustration. With SEPA Instant Pay, money gets transferred in real-time without being affected by weekends or Public Holidays, as long as the receiving banking is using the same system. SEPA also uses IBAN (International Bank Account Numbers) which further simplifies the use, as everyone is familiar with it.
Using digital banking methods like SEPA payments, you avoid the hoop-jumping of conventional banking. It enables you to save time with no back and forth paperwork or requests for additional detailed information. It shines a bright light on the future of banking, making transactions quick, effective, and time-efficient.
At Orenda Financial Services, we aim to simplify the system for our clients and offer support to make banking effortless. You can access a whole range of payment services tailored to you, from SEPA Instant payments, virtual and physical cards, business and consumer accounts, as well as SWIFT, UK faster payments, and more.