EN
What is SEPA and how does this system work?
SEPA (Single Euro Payments Area) is the Single Euro Payments Area, within which cross-border transfers are made according to rules similar to internal payments between participating countries. The accession of Ukraine should simplify financial transactions between Ukrainian and European banks, shorten the terms of crediting funds and reduce commissions.
Currently, international transfers from European banks to Ukrainian banks can take from several hours to 2-3 working days, and in some cases longer. After joining SEPA, payments in euros should become faster and cheaper, although the actual timescales and tariffs will depend on banks and the type of transaction.
Why Ukraine needs to hurry with the adoption of the law
The representative of Ukraine to the European Union, Taras Kachka, said that Ukraine needs to submit an application for joining SEPA under a simplified procedure until November 2026. To this end, the Verkhovna Rada should without delay adopt draft law No. 14327-d, which provides for the necessary changes to the legislation.
According to Kachka, the delay may lead to the fact that Ukraine will be subject to new, tougher European requirements in the field of anti-money laundering (AML). This can complicate the admission procedure and delay integration for years. Even after the adoption of the law, the technical and procedural preparation of banks will last approximately one and a half years, and the target date of full launch is called January 1, 2028.
How SEPA will change international payments for businesses
The most tangible benefits can be obtained by small and medium-sized enterprises, in particular limited liability companies and individual entrepreneurs. Companies buying equipment, raw materials or goods from the EU will be able to transfer funds with lower costs and receive confirmation of payment faster. According to estimates, the time of individual operations can be reduced from several days to several minutes or hours.
Ukrainian manufacturers who export products to Europe will be able to receive payment for issued invoices faster. This will help to manage working capital more efficiently, reduce costs for international payments and plan purchases and deliveries. At the same time, SEPA does not automatically remove all bank checks: financial institutions will continue to comply with financial monitoring requirements.