SEPA: what is it? What does this change?

SEPA (Single Euro Payment Area) is an initiative of the European Union that aims to create a unique range of payment methods in euros.

For a transfer or direct debit, within the same country or between two countries in the SEPA area, the bank identifiers to be used are the BIC and the IBAN. The maximum turnaround time is one day. The SEPA direct debit mandate formalises the creditor's authorisation to direct the debtor.

In this context, you do not have to communicate any documents to your bank. However, your bank remains your main point of contact for all your questions about payment methods.

When you are in SEPA direct debit, you may see the following data appear on your direct debit mandate:

Display of your Unique Mandate Reference (UMR) Corresponding to your client reference for direct debit

Display of the ICS identifier (SEPA Creditor Identifier) Corresponding to the unique reference for Navigo Annuel within the SEPA zone