Andorra, 5 March 2019 – As of today the 5 Andorran banking entities, Andbank, MoraBanc, Crèdit Andorrà, BancSabadell d’Andorra and Vall Banc are part of the geographical scope of the Single Euro Payments Area (SEPA) payment schemes. The adherence comes after the adherence of the Principality of Andorra on March 1st.
From now on, all the Andorran banks will be able to send and receive SEPA Credit Transfer (SCT) to and from all existing EPC scheme participants. SEPA deals with the technical aspects of payments (common instruments, standards, procedures and infrastructures), creating a harmonized scenario which entails no technical differences between domestic and international payments all of which will be processed with the same ease, speed, security and efficiency.
The Andorran banks will progressively adhere to the rest of SEPA schemes such as SEPA Direct Debit (SDD), to which they will adhere on January the 1st 2020 pursuant to what is established in the Andorran legal framework, and SEPA Instant Credit Transfer (SCT Inst).
The General Manager of Andorran Banking, Esther Puigcercós, has stated that “the adherence of Andorra to SEPA facilitates the access to new markets and incorporates new elements of competitiveness for both the Andorran entities and its customers. More than 520 million citizens live in SEPA and make 122 billion electronic payments every year. Today, Andorra and its banks have become part of this European initiative that seeks to harmonise euro payments”.
With the adherence of Andorra, the geographical scope of the SEPA schemes will be formed by the following 36 countries: the 28 EU Member States plus Iceland, Norway, Liechtenstein, Switzerland, Monaco, San Marino, the Vatican City State / the Holy See and the Principality of Andorra.
Source: Associació de Bancs d'Andorra (ABA)