OTP Bank Introduces Advantages in Cross-Border Payments

OTP Bank is among the first in Croatia to adopt the so-called SEPA Credit Transfer Scheme, which offers numerous advantages in providing cross-border payment services to individuals, entrepreneurs, legal entities, public companies, and the state, as well as to the banks themselves.

SEPA, or the ‘Single Euro Payments Area’, is a long-term project of the European Union with unique and standardized procedures, infrastructures, and payment instruments that simplify, accelerate, and increase the efficiency of cashless payment transfers in euros.

As of September 9 of this year, OTP Bank Croatia, with the support of its parent bank, has been listed among the banks operating under SEPA conditions. From today, business entities, as well as individuals who are clients of OTP Bank using payment services, can send and receive financial transactions in euros under the same conditions, rights, and obligations within the SEPA area, which includes the member states of the European Union as well as Norway, Iceland, Liechtenstein, Monaco, and Switzerland.

The main advantage of the SEPA infrastructure is the execution of payments in euros, both within Croatia and cross-border within the SEPA area, in the same manner and under the same conditions. Clients of OTP Bank can now make euro payments to all SEPA countries with a single bank account and/or one card, enjoying all the competitive advantages provided by their parent banks. Thus, individuals living, working, or studying outside Croatia will no longer need one bank account in their home country and one account abroad, as all transactions can be conducted through one account, or IBAN.

Furthermore, conducting business in any of the SEPA countries will be much simpler and more favorable for clients. SEPA brings technological innovations in payments, enabling direct integration with the systems of business entities, encouraging clients to take advantage of new benefits. The modification of the payment process based on innovative information leads to a gradual reduction in costs, standardization, and automation.