Moldova, North Macedonia join harmonised European payments system SEPA

​Moldova and North Macedonia have been approved to join the Single Euro Payments Area (SEPA), marking a significant step in their integration with European financial systems. 

The countries will become operational members on October 5, after becoming compliant with SEPA regulations from April, the European Payments Council (EPC) announced on Thursday, 6 March. SEPA’s credit transfers and direct debit schemes facilitated over 50 billion transactions in 36 countries last year.

Countries hail step towards accession

Politicians and bankers from both countries celebrated the development as a significant milestone towards EU membership. “Another step closer to the EU!” Moldovan President Maia Sandu wrote on X. “This means faster, easier, and cheaper euro transfers across Europe whether sending money home or doing business,” she added.

Macedonian Minister for Foreign Affairs Orhan Murtezani wrote on X that the development represents “a major step towards deeper financial integration with the EU, facilitating faster, safer, and more efficient cross-border payments. Another milestone on our European path.”

National Bank of Moldova Governor Anca Dragu said “Joining SEPA marks a historic moment and clear proof that the Republic of Moldova is ready to align with the highest European financial standards. This step will ensure Moldovan citizens and companies access to a faster, more secure payment system and at very low or even free costs.

“At the same time, it will help reduce the costs of money transfers made by the diaspora, an essential aspect for many Moldovan families. Moldova’s economy thus becomes more attractive to foreign investors, more prosperous, more resilient, favouring a better life for every citizen. Today’s decision consolidates our irreversible path towards European integration,” Dragu added.

SEPA will contribute to sustained economic growth – EC

The European Commission (EC) said the development “paves the way for Moldova and North Macedonia to facilitate financial transfers in euro and reduce the cost and processing time of these transactions… contributing to a sustained economic growth”.

The EC also cited the step as an example of EU initiatives accelerating the Western Balkans path to the EU “including through progressive access to certain areas of the EU single market based on alignment with the EU acquis Communautaire”, referring to the bloc’s body of law.

Now the two countries’ payment service providers can join the numerous SEPA schemes that the EPC oversees. The EC said it will continue to support the preparation of Moldova’s and North Macedonia’s payment service providers and the countries’ further alignment with “the EU acquis” in the area of financial services.

SEPA membership hits 40 with Moldova, North Macedonia

The EPC is an international not-for-profit association of 83 payment service providers (PSPs) and their associations. Created in 2002 by the European banking industry, SEPA now includes some 4,000 banks and other PSPs in its schemes. SEPA was introduced for credit transfers in 2008, direct debits in 2009, was fully implemented in the euro area by 2014 and in non-euro area SEPA members countries by 2016.

“The geographical scope of the SEPA payment schemes now covers 40 countries,” the EPC wrote. In the SEPA, customers can make cashless euro payments – via credit transfer and direct debit – to anywhere in the EU, as well as a number of non-EU countries, in a fast, safe and efficient way, the EPC added.