What is a SEPA Credit Transfer?
SEPA stands for Single Euro Payments Area and is a payment integration initiative of the European Union, it allows for bank transfers denominated in euros, to be sent across the SEPA region as though it was a single domestic market.
There are 36 members in SEPA, made up of the 27 member states, plus the 4 members of EFTA, plus the United Kingdom, as well as Andorra, Monaco, San Marino and Vatican City.
A SEPA payment is an account to account payment, it must be in euro, originate and settle in countries within the SEPA region and abide by the SEPA clearing rules.
What will I need to make a SEPA Credit Transfer?
To make a SEPA Credit Transfer, you (the sender) will need an account with a payment services provider registered for SEPA Credit Transfers. The account will come with an International Bank Account Number (IBAN) and a Bank Identifier Code (BIC).
To make a payment you will need the IBAN of the beneficiary, you may also need some other details, such as their name and address. Using the IBAN your bank will be able to derive the details of the beneficiary bank (BIC derivation).
What will I need to receive a SEPA Credit Transfer?
To receive a SEPA Credit Transfer, you (the beneficiary) will need an account with a payment services provider registered for SEPA Credit Transfers. The account will come with an International Bank Account Number (IBAN) and a Bank Identifier Code (BIC).
To receive a payment you will need to provide the sender with your IBAN, along with your name and address. Using these details the sending bank will have the necessary information to direct the payment to your account.
SEPA Services from Contis
Contis uses the Bank of Lithuania’s CENTROlink platform to provide our SEPA Services. CENTROlink provides a gateway to SEPA Clearing and Settlement Mechanisms
International Bank Account Number (IBAN)
Contis will provide clients and consumers with their own International Bank Account Number (IBAN) which can be used to send and receive SEPA payments.
Bank Identifier Code (BIC)
Contis has a SEPA compliant Bank Identifier Code (UFPOLT21XXX).
API information for developers
Developers can visit our API reference pages for information about the CreditTransfer methods
– including parameter requirements and example requests and responses:
- When can I have SEPA Credit Transfer?
SEPA Credit Transfers are available now
- How long does it take to make a SEPA Credit Transfer?
SEPA Credit Transfers should arrive in the beneficiaries account the next working day, following the transfer
- Where can I find more information regarding SEPA Services?
Further details can be found on the website of the European Commission, link here
The Contis registered office address in Lithuania:
Uab “Finansines paslaugos” Contis
Menulio str 11-101