16.06.2014
We are pleased to inform, that as of today, CitiDirect Users are entitled to use a dedicated SEPA Credit Transfer payment method. SEPA Credit Transfer is now available as a new, separate form of payment in CitiDirect. We believe that this development will truly enhance user experience in the area of electronic banking.
To find out how easy the SEPA payment initiation process has become, please refer to User Manual under the Manuals section.
The existing method of formatting SEPA payments using Crossborder Funds Transfer form, will be retained with no changes.
Additional information regarding SEPA End – Date and migration to SEPA standards for payments in Euro
In March 2012 the European legislator adopted Regulation No 260/2012, which is also commonly referred to as the “SEPA migration end-date regulation”. This regulation lays down rules for the initiation and processing of credit transfer and direct debit transactions denominated in euro within the European Union. The regulation defines a clear timeline by when these rules need to be implemented in all Member States. For the euro area, the final deadline is 1 February 2014. The migration deadline for euro-denominated payments in non-euro area countries is 31 October 2016. As of these dates, existing national retail credit transfers and direct debit schemes for payments in euro will have to be phased out and replaced by SEPA alternatives. For more information please refer to the European Central Bank website: http://www.ecb.europa.eu/paym/sepa/html/index.en.html or the European Payments Council website: http://www.europeanpaymentscouncil.eu/
