SEPA is the acronym for Single Euro Payments Area. It is a European Union initiative to facilitate payments in the Eurozone.

All 28 EU member states participate in SEPA, together with the four components of the European Free Trade Association (Iceland, Liechtenstein, Norway, and Switzerland). Monaco and San Marino are also part of SEPA.

The SEPA project has made it possible for bank transfers and direct debits to be made between the economic agents of these 32 countries. This has been achieved thanks to the creation of a single market for euro-denominated payments, which has made European payments as simple and cheap as domestic ones.

Get to know your SEPA identifiers

You should ask your bank for your SEPA identifiers. They will provide you with the Issuer ID, which is the same as the Creditor ID. This ID is the reference provided by your bank to generate direct debit collection orders.

The Creditor ID is composed of the country code (Example: ES), a check digit, a suffix, and the NIF. An example of a Creditor ID would be the following: ES97000M28496658. When you complete your wire transfers in Holded, you will need this ID in order to upload the document to the bank.

Check out this article to learn how to enter your Creditor ID in Holded