Andorra will join the Single Euro Payments Area (SEPA) as of March 2019

The Principality of Andorra, together with the Vatican City State, will be part of the geographical scope of the Single Euro Payments Area (SEPA) schemes as of 1March 2019.

In the SEPA geographical area, citizens, businesses and other economic agents are able to make and receive payments in euros, both within and outside national borders, under the same conditions and with the same rights and obligations, regardless of where they are located.

The country's financial institutions are now in the process of developing the technical implementation of the SEPA schemes and are preparing for the individual adherence to the SEPA geographical area of each one of them, which will take place once the Principality has become a SEPA member.

All existing EPC scheme participants should be able to send or to receive SEPA Credit Transfer (SCT), SEPA Instant Credit Transfer (SCT Inst) and SEPA Direct Debit (SDD) transactions to and from SCT, SCT Inst and SDD scheme participants from the Principality of Andorra and the Vatican City State as and when their financial institutions will adhere to the different schemes.

The Single Euro Payment Area (SEPA) allows payments in euros between any accounts located within the SEPA area, as simple as a national payment is currently made. This fact facilitates access to new markets. Customers can, with one account and payment instruments with the same characteristics, make payments in any of
the countries in the SEPA zone.

Payment instruments in the SEPA area are SEPA credit transfers (SCT): one-time payments, mass payments, payrolls and pensions; SEPA direct debits (SDD): oneoff or periodic banking direct debits; and SEPA instant credit transfer (SCT Inst). All previous payment instruments can be used for national payments and for crossborder payments in any of the countries of its geographical area.

With the inclusion of Andorra and the Vatican, the geographical scope of the SEPA schemes will consist of the following 36 countries: the 28 EU Member States plus Iceland, Norway, Liechtenstein, Switzerland, Monaco and San Marino, and now Andorra and the Vatican.

The incorporation of Andorra into the single euro payments area is another step towards the international integration of the Andorran financial place and a new element of competitiveness for Andorran entities and for customers operating from the country.

Source: The Government of Andorra´s Department of Communication