Andorra and Vatican City enter SEPA’s paytech paradise
The Principality of Andorra and the Vatican City State/The Holy See are now part of the Single Euro Payments Area (SEPA).
St. Peter’s Basilica, Vatican City
From now on, the geographical scope of the SEPA schemes consists of the following 36 countries: the 28 EU Member States plus Iceland, Norway, Liechtenstein, Switzerland, Monaco, San Marino, and the two newbies above.
Clàudia Cornella Durany, Secretary of State for International Financial Matters, Govern d’Andorra, says this brings “a new element of competitiveness for Andorran entities and for customers operating from the country”.
René Bruelhart, president of the Vatican’s regulator, the Financial Information Authority (AIF), adds: “It helps to facilitate payments and harmonises such services. Furthermore, it demonstrates the Holy See’s efforts to enhance financial transparency.”
As a result, all existing European Payments Council (EPC) scheme participants should be able to send or to receive SEPA Credit Transfer (SCT), SEPA Instant Credit Transfer (SCT Inst) and SEPA Direct Debit (SDD) transactions to and from SCT, SCT Inst and SDD scheme participants from the Principality of Andorra and the Vatican City State/the Holy See as and when their financial institutions will adhere to these schemes.
Amen to that.
