Demonstrating its growing reputation for delivering innovative payment solutions, Raphaels Bank can now offer European transfers through the Bank’s indirect membership of The Single Euro Payments Area (SEPA).
Working in conjunction with a leading European clearing bank with its own SEPA capability, Raphaels Bank is now able to offer cost-effective, fast payments through the European region, opening the doors of this functionality to both UK and European businesses to whom access may have previously been unattainable.
SEPA was introduced in 2008 to simplify Euro denominated bank transfers across the borders of member states of the European Union and the European Free Trade Association. Using Raphaels’ membership, individual IBANs can be created for cardholders facilitating SEPA Credit Transfers and SEPA Direct Debits.
Mike Smith, Commercial Director, for Raphaels Bank said: “The ability to provide SEPA payments for our partners is a key requirement and market differentiator for those businesses looking to capture the wider European Market. This membership extends the innovative payment solutions we now offer as part of our enabling capabilities.”
Contributed | what does this mean?