SEPA payment

SEPA Credit Transfer (SCT, also SEPA payment) was introduced in EU already on 28.01.2008. Since 2008 Baltic branches have been partially SCT compliant, providing only incoming SEPA payments to our customers.

All Baltic Nordea branches are providing incoming and out-going SEPA payments via Netbank (Private Netbank and Netbank for Corporate Customers).

Changes in netbank:

Besides domestic payment and cross-border payment customer will find a new payment type – SEPA payment – in netbank. The new payment type contains number of new fields that are available only for SEPA payment: originator’s reference field and new fields to enable customer to make payments on behalf of somebody else (ultimate originator, ultimate beneficiary).

For corporate customers it is important to know that currently only payment-by-payment input will be available in netbank. Also SEPA payments are not available in Electronic banking system.

SEPA payment features:

• Available only in netbank (no paper based SEPA payments)
• Value date for SEPA payment is D+1
• Payment currency - EUR
• Possible to initiate from different currency accounts
• Charges - always shared (SHA)
• New optional field: Originator’s reference number
• New optional field: Ultimate originator (and related identification fields)
• New optional field: Ultimate beneficiary (and related identification fields)
• No maximum limit on payment amount
• Payments reach beneficiary always on the value date
• Automated return of incoming payments, if not possible to credit customer account
• Automated processing of incoming recall messages

Limitations:

• SEPA payments are available only between SEPA-compliant banks
• No file-based service currently available
• No urgent payment type in SEPA

D is the day, when payment is presented in the Bank until cut-off-time - 19:00. If payment presented later than cut-off-time, then D is next Bank working day.