This decision marks a significant milestone in the expansion of SEPA's reach, which now covers 40 countries across Europe.
As part of this expansion, financial institutions in both North Macedonia and Moldova will soon be able to participate in key SEPA payment schemes, allowing for efficient cross-border transactions. This includes the SEPA Credit Transfer (SCT), SEPA Instant Credit Transfer (SCT Inst), and SEPA Direct Debit (SDD) schemes. Once local financial institutions adhere to the respective schemes, they will be able to send and receive payments to and from other SEPA participants across the region.
The integration of North Macedonia and Moldova into SEPA payment schemes will be rolled out in stages. Starting in April 2025, financial institutions from both countries will begin adhering to the SEPA payment schemes. This gradual process will culminate in the Operational Readiness Date (ORD) for payment service providers (PSPs) from these countries, set for 5 October 2025.
The inclusion of North Macedonia and Moldova in the SEPA payment system is expected to improve cross-border payments within the region. It will facilitate faster and more cost-effective transactions between these two countries and the rest of the SEPA zone, offering businesses and consumers improved access to European financial markets.
By extending the reach of SEPA, the EPC aims to foster greater financial inclusion and simplify payment systems across Europe, aligning with broader EU initiatives to integrate financial markets. The decision underscores the EPC's ongoing efforts to modernise and harmonise payment infrastructures, contributing to a more efficient and interconnected European economy.
The approval of North Macedonia's and Moldova’s inclusion in the SEPA payment schemes is an important development in the European payments landscape. This expansion not only strengthens the economic ties between these countries and the EU but also provides better opportunities for cross-border financial transactions. The implementation timeline ensures that both countries are well-prepared to integrate into the SEPA framework, with a clear roadmap leading up to the operational readiness in October 2025.
Moreover, by expanding SEPA’s reach, the EU aims to foster financial inclusion by enabling more countries to participate in the efficient and cost-effective cross-border payment systems. This move not only opens up greater market access for businesses in these countries but also strengthens economic ties between the EU and its neighbors. It is also a strategic step towards harmonising payment systems, reducing transaction costs, and ensuring that financial services are accessible to a broader range of consumers and businesses, thus supporting economic growth and stability in the region.
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