• What is SEPA?
• How will this affect you?
• Where can you find IBAN and BIC?
What is SEPA?
SEPA (Single Euro Payments Area) is a European-wide initiative to standardize the way we make and process electronic payments in Europe. The goal is to make payments throughout Europe as fast, safe and efficient as possible.
In total, there are 32 countries in the SEPA area. These are the existing 27 EU member states of the European Union, together with Iceland, Lichtenstein, Monaco, Norway and Switzerland.
The 27 countries of the European Union are: Austria, Belgium, Bulgaria, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovenia, Slovakia, Spain, Sweden and the United Kingdom.
SEPA comes into full effect on 1 February 2014, changing the way euro electronic payments are processed across Europe. It will mean that you can make and receive payments seamlessly, collect a direct debit on any euro account or make a credit transfer to any euro account within SEPA.
How will this affect you?
*Applies to Republic of Ireland Euro customers of Paddy Power.
• National sort codes and account numbers will be replaced by an International Bank Account Number (IBAN) and a Bank Identifier Code (BIC).
• From November 5th 2013, if you are a new Paddy Power customer or updating an existing account with new Bank Transfer details, you will be required to provide your BIC & IBAN.
Where do I find my BIC & IBAN?
You can locate your own BIC & IBAN information in a number of ways:
• On your Bank statement today.
• Visit the BIC & IBAN calculator to convert your sort code and account number to the equivalent BIC & IBAN.
• Contact your Bank.