OREANDA-NEWS. February 26, 2008. „Latvijas tirdzniecibas banka” has became an indirect member of the SEPA system (Single Euro Payment Area) through its largest correspondent bank Deutsche Banka, reported the press-centre of Latvijas tirdzniecibas banka.

It means, that clients are able to execute the credit transfers by using the SEPA. SEPA is the new Single Euro Payment Area, that allows to execute the payments all over the euro zone (EU Member States and also Iceland, Norway, Liechtenstein and Switzerland) as easy, efficient, secure and cheap as national payments. By introducing the SEPA in full, all the euro payments will be treated as national payments.

Thereby SEPA is an organic growth after transition to the euro and the next fundamental step to enforce the whole potential of the single European market. Only small amount payments are forwarded through SEPA, execution time of which takes up to 3 (three) days. But as these payments are forwarded with using no intermediary banks, they are much cheaper – commission equates to the national payment expenses.

To execute the SEPA credit transfers, payment must be provided with the following:
-         international bank account number (IBAN);
-         bank identifier code (BIC);
-         commission should be only SHA.