This fact obliges Moldovan banks to actively participate in the SEPA system. By applying for accession, Moldovan banks will be able to: make fast and secure euro transfers to 40 SEPA member countries; reduce costs and increase transparency of the payment process; increase the efficiency of financial transactions for citizens and companies.
SEPA has a number of payment schemes to be followed by payment service providers (banks and non-bank payment institutions). SEPA Credit Transfer (SCT) and SEPA Direct Debit (SDD) payment schemes will be available for entities in Moldova.
These schemes are a kind of instructions for financial institutions and their customers, setting out the rules for sending and receiving SEPA transfers.
The European Payments Council has decided that from April 2025 banks and payment institutions from Moldova will be able to join SEPA schemes to provide customers with euro transfer services in accordance with SEPA rules. This process will take several months and may differ for each entity. Thus, clients of some banks and payment institutions will be able to use this service earlier than others.
In addition, in order to join SEPA payment schemes, Moldovan financial institutions have to fulfill a number of technical and regulatory requirements, which may require significant investments in IT infrastructure and adjustments to internal processes.
This step may pose a challenge for some banks and payment institutions, depending on the current level of digitalization and resources available for adaptation.
Banks in Moldova have already expressed their readiness to facilitate euro payments as soon as possible.
We would like to remind you that as of March 6, 2025 the Republic of Moldova is officially included in the SEPA geographical area.
