What is SEPA?

• EU Banking Sector Initiative 
  Made up of 34 Countries. Including 18 EU member states in the Eurozone (Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia and Spain). 10 states not in the Eurozone (Bulgaria, Croatia, Czech Republic, Denmark, Hungary, Lithuania, Poland, Romania, Sweden and the United Kingdom). 4 European Free Trade Association (EFTA) member states (Iceland, Liechtenstein, Norway, Switzerland. As well as Monaco and San Marino. 
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• We are SEPA Compliant
  Meaning that international Euro transactions made via BNF Bank within the SEPA zone will be seamless and effortless.
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• Benefits For You
  Reduced costs, minimal processing risks, standardised payment formats and bank interfaces, as well as more accessible markets. Receive all payments including social security benefits, salaries and pensions directly to a bank account in a fast and secure way. 
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• Automation and Centralisation
  Make payments simpler and more transparent, with fewer differences in bank fees across Europe and reduced fees in higher-priced markets.
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• IBAN Number
  A standardised bank account number that is unique to your account, used to affect all euro payments in the SEPA zone. Making cross-border payments fast, efficient, simple and secure, while avoiding additional charges.
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• SEPA Credit Transfer (SCT)
  All local euro payments, including Direct Credits, must also be SEPA compliant. There is no limit on the payment amount and the beneficiary’s BIC and IBAN are required. Payments are made in full, and any fees are charged by the respective banks to the respective remitter or beneficiary. 
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• Bulk Payments
  For corporate and business clients outward SCT can be submitted in bulk via file upload through BNF Internet Banking. Files must conform to the SEPA XML standard. 
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• SEPA Debit Transfer (SDD)
  Pay your bills directly with SDDs. These need to work in XML format, and the beneficiary’s BIC and IBAN are required to make the transfer.
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• Other Methods of Payment
  Payments outside of SEPA can be made or received in all operating currencies, including euro. Urgent payments can be made on the same day anywhere in the world, including SEPA countries, with same day value. Non-SEPA payments can still be made through BNF Internet Banking, 24/7, and payments can be done through SWIFT.
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Useful Links

• Central Bank of Malta
• Malta Bankers Association
• European Payments Council
• European Central Bank
• Payment Services Directive
• Link to introductory video