London-based UK bank focused on SMEs can now provide seamless payment services across the Euro area
London, UK. BFC Bank are very proud to announce that they are now members of Single Euro Payments Area (SEPA).
SEPA allow bank customers to make euro payments across Europe as easily, securely and efficiently as they do today within their own countries.
SEPA was the outcome of European efforts to create a single Euro payments area for the non-cash payment instruments such as credit transfers, direct debits, and credit cards. Until SEPA was inaugurated in 2008, organisations that wanted to make payments across national borders within the Euro area found that this was simple when cash was used but difficult when electronic methods were required. SEPA has addressed this problem and represents a step towards integrated euro area retail payments market.
Now that BFC Bank has become a member of SEPA they are able to send funds in Euros on behalf of their customers directly to third parties. This speeds the settlement process and makes payments easier and quicker for customers.
Robert Greene, General Manager of the Corporate Banking Division, said “We are really pleased to become official members of SEPA. For BFC this is a major step towards rationalising our foreign exchange payments within Europe, delivering a reduction in processing costs and operational risks. This is another great milestone on our journey and will enable us to deliver even better value and faster services for our customers.”
Membership of SEPA is further evidence of the innovative, cost-effective and customer-focused services that BFC Bank delivers to its SME customers.
About BFC Bank
BFC Bank is a London-based UK bank, part of the BFC Group, a 100 year old financial institution that provides services in more than 55,000 locations across 40 countries worldwide. BFC Bank specialises in international payments and foreign exchange services for SMEs. In addition the bank provides services for Payment Services Providers and for wholesale foreign exchange dealers. BFC Bank received its UK banking licence in September 2016.
You can find out more about SEPA here: https://ec.europa.eu/info/business-economy-euro/banking-and-finance/consumer-finance-and-payments/payment-services/single-euro-payments-area-sepa_en