The Moldovan Banks Association (ABM) has submitted the first applications to join SEPA
ABM, acting as the National Adherence Support Organization (NASO), sent to the European Payments Council the first dossiers for joining the Single Euro Payments Area (SEPA). According to ABM, this step confirms the aspiration of Moldovan banks to actively participate in SEPA. The submitted applications are an important step on the way to joining the SEPA Credit Transfer (SCT), which will allow for fast and secure transfers in euros to 40 SEPA countries. It will also reduce costs and increase the transparency of payment transactions and improve service efficiency for citizens and businesses. “Joining SEPA is not just a technical step, but a statement of commitment to European standards and concrete support for citizens and companies operating internationally,” ABM emphasized. SEPA is a European system that facilitates cross-border payments in euros, eliminating the distinction between national and international payments. SEPA includes all EU countries, as well as other member states and territories, in total - about 4 thousand banks and other payment service providers. The National Bank of Moldova officially submitted the dossier for joining SEPA on January 30, 2024, and on March 6, 2025 Moldova was officially included in the SEPA geographical area. Moldova's accession to SEPA is expected to remove administrative barriers for euro transfers and reduce the costs of international transactions, facilitate commercial payments for companies, as well as the cost of remittances for citizens. For example, if today an international transfer in euros for Moldovan citizens costs from 20 to 200 euros, the same transfer under SEPA may cost 1-2 euros or even less. According to a World Bank study, cross-border payments outside SEPA are 6 times more expensive than in already integrated countries. // 18.04.2025 - InfoMarket.
