What is SEPA?
SEPA (Single Euro Payments Area) is a payment integration initiative of the European Union. It enables individuals and businesses to make euro-denominated bank transfers to any of the 36 participating countries using a single, standardised format.
The key SEPA payment types are:
- **SEPA Credit Transfer (SCT)** — standard bank transfers, settled in 1 business day
- **SEPA Instant Credit Transfer (SCT Inst)** — instant payments, settled in seconds (where supported)
- **SEPA Direct Debit (SDD)** — pull payments for subscriptions and mandates
Why SEPA matters for your business
If you work with suppliers, contractors or employees across Europe, SEPA eliminates the need for expensive international wire transfers. Instead of paying £15–40 per transfer with a traditional bank, SEPA transfers typically cost under €1.
How Finovo automates SEPA batch payments
In Finovo's Banking → SEPA Payments module, you can:
- Select all outstanding supplier invoices you want to pay
- Finovo generates a **SEPA XML pain.001 file** — the standard batch payment format
- Upload this file directly to your business bank's online portal
- All payments are processed in one batch, saving hours of manual transfers
Setting up SEPA in Finovo
- Go to **Workspace Settings → Financial Settings**
- Enter your company's IBAN and BIC
- Connect your bank account via open banking
- Navigate to **Banking → SEPA Payments** and select your supplier bills
Finovo validates all IBANs before generating the payment file, reducing the risk of failed transfers.
Countries covered
SEPA covers all 27 EU member states plus Iceland, Liechtenstein, Norway, Switzerland, the United Kingdom (post-Brexit, SEPA access maintained), Monaco, San Marino, Vatican City, Andorra, and others.