Sberbank of Hungary SEPA Introduction
Simplexion Informatics Ltd. has introduced successfully in2016 its IT development facilitating the management of SEPA transfers for Hungarian private and corporate customers of MKB Bank and Sberbank.
SEPA (Single Euro Payments Area) is a payment-integration initiative of the European Union applying uniformly the ISO20022 standard for simplification of bank transfers denominated in euro. Member states of the Eurozone were obligated to switch over SEPA transfers and collections from the 1st of February 2014, and abolish simultaneously similar national designation schemes. For non-euro countries the deadline was 31st of October 2016.
Benefits of SEPA schemes for consumers are the reduction of the execution time counted from the launch of transfer to 1 business day, and savings in transaction fees. In addition, by applying SEPA collection service, consumer (e.g. utility) bills and retailers’ accounts in the Eurozone can be cleared simply and full electronically, without any risk of delays.