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Joining SEPA is expected to facilitate swift, straightforward, and secure payment transactions for individuals, businesses, and institutions across SEPA member countries, irrespective of the payment method, instruments, processing methods, transaction volume, and other factors. These transactions should occur seamlessly, akin to domestic payments. Non-cash payments via debit or credit accounts are anticipated to be conducted in a streamlined, coordinated, secure, and transparent manner.

SEPA introduces ease in payment processes, leading to reduced costs and enhanced efficiency in remittances. Consequently, payments are expected to be more straightforward, economical, and expeditious. These advantages are anticipated to be experienced by all stakeholders in the payment ecosystem, beginning with consumers, extending to merchants, businesses, and culminating with banks.

In the future, students pursuing studies overseas, citizens temporarily employed abroad, diplomatic missions, and foreign representations will no longer require separate accounts domestically and internationally.

Joining SEPA should empower merchants to engage in card billing agreements with a single institution, which would subsequently handle all payments, irrespective of the card issuer or its country of origin. This streamlining process is expected to lower merchant expenses and expedite the processing of all card transactions.

Regarding companies, joining SEPA should primarily result in a notable simplification of methods and mechanisms for managing their own payments, providing the opportunity for comprehensive visibility into transaction flows. This is because all domestic and foreign inflows and outflows in euros will be consolidated and standardized from a single source.

Previously, it was typical for a company to maintain separate accounts with its commercial bank for domestic and international payments. Additionally, if the company had business operations abroad, it would necessitate opening a third bank account in the respective country. With SEPA integration, only one account will be required to facilitate all these transactions.

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