“New S.E.P.A. payment transfer system.”
A new bank transfer system for making payments is scheduled to go into effect in 33 European countries on 01 Feb 2014 for companies and associations and at a later date for individual people. S.E.P.A. transfers will use new 22-digit I.B.A.N. bank account numbers. There were concerns that some businesses hadn’t updated their forms in time to fit in the extra digits. On 24 Oct 2013 the Bundesbank warned that some firms were starting late and their mistakes could hurt their employees.
The new transfers between accounts in any of the 33 countries are supposed to cost no more than a domestic transfer and arrive no later than the next business day.
(NOY ess ZAY pah TSOLL oongs iss taym.)