The Single Euro Payments Area (SEPA), which became fully operational in 2011 replacing national payment systems, is a European Union initiative to integrate the different payments system within the Eurozone member states. Its goal is to improve the efficiency of cross-border Euro transfers within the Eurozone countries and create one unified standard. SEPA enables individuals and businesses, who have a bank account in the Eurozone, to make Euro payments to SEPA member state at fixed costs or no costs depends on the amount.
One of the cornerstones of SEPA is the integration of IBAN as the standard method of bank account numbers within the member states. The IBAN makes it simple for incoming international Euro or other currency payments from non-SEPA member states. Today, SEPA consists of 34 member states.
To complete an international transaction, with Covercy, to the Netherlands, you will need the following details: