Good news for citizens and businesses in Albania and beyond. Albania and three other countries in Montenegro, North Macedonia and Moldova that aspire to join the European Union have joined the European financial transactions ecosystem, SEPA. Single Euro Payments Area or SEPA,.
This circuit is the area in which the citizen, business, public administration and any other economic operator can make and receive payments in euros according to uniform rules, operating procedures and market practices. SEPA is joined by the twenty-eight member states of the European Union including non-euro countries, and also other non-EU countries.
The reduction in transaction costs is expected to be substantial and result in savings to businesses expected to be around 500 million euros.
Membership involves the use of common standards such as IBAN for account identification and the ability to use SEPA Credit Transfers (SCT) and SEPA Direct Debits (SDD).
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