News25 March 20250 comments

Republic of Moldova Joins SEPA

Major Changes in Financial Payments and Transactions

As of March 6, 2025, the Republic of Moldova has officially become a member of the Single Euro Payments Area (SEPA).

What is SEPA and Why Does It Matter?

SEPA is designed to make cross-border euro payments as straightforward, fast, and secure as domestic payments within member states. It currently covers 40 countries, including all EU members, as well as including UK, Norway, Switzerland, and now North Marcedonia and Moldova.

Moldova’s inclusion in SEPA is expected to bring substantial change to the local financial landscape by improving the efficiency and predictability of euro transactions. The resulting benefits will extend across the economy, positively impacting businesses, financial institutions and consumers.

What This Means for Moldova

Although Moldova has been admitted to SEPA, local banks and payment institutions must complete technical and regulatory onboarding to provide SEPA services. Institutions will join two main schemes:

SEPA Credit Transfer (SCT): Enables one-time euro transfers initiated by the payer, processed within one business day.
SEPA Direct Debit (SDD): Facilitates recurring euro payments initiated by the payee based on prior authorization—used primarily for subscriptions, utilities, and B2B transactions.

Key Benefits for Moldova’s Economy and Businesses

Greater Efficiency and Transparency – standardized payment rules simplify reconciliation, reduce errors, and improve financial planning for businesses.

Stronger Investment Climate and Trade Relations – Moldova’s participation in SEPA enhances credibility with EU partners and supports regional economic integration with reduced barriers for cross border transactions.

Support for Digitalisation in the Financial Sector – SEPA promotes secure, electronic payments, supporting the digital transformation of financial institutions.

Lower Costs for Euro Payments – Euro payments will become faster and more cost-effective, improving completeness and facilitating trade and investment.

Improved Regulatory Framework – Moldova has updated its financial regulations in line with European Payments Council (EPC) requirements, strengthening the stability and alignment of its financial system with EU best practices.

Next Steps for Financial Institutions

To operationalize SEPA participation, financial institutions in Moldova should:

Join the SEPA SCT and SDD Schemes
Submit adherence applications to the EPC and meet the technical requirements for scheme participation.

Upgrade Infrastructure
Implement systems that support SEPA-compliant transactions, including XML file formats and ISO 20022 standards.

Adapt Internal Processes
Align transaction flows, customer onboarding, and operational procedures with SEPA rulebooks.

Update Compliance Frameworks
Update AML/CTF systems and regulatory reporting in accordance with SEPA and EU requirements.

Educate Staff and Clients
Train internal teams and inform clients about SEPA services, benefits, and how to use them effectively.

Next Steps for Businesses

Businesses operating in or with Moldova should also take proactive steps to prepare:

Ensure ERP and Accounting System Compatibility
Confirm that internal systems can support SEPA file formats and payment instructions.

Train Finance Teams
Provide internal training on SEPA processes, requirements, and best practices.

Engage with Financial Partners
Stay in contact with banking partners to understand the timeline for SEPA implementation and available services.

Conclusion

Moldova’s integration into SEPA is a significant advancement for the country’s financial sector. It opens the door to faster, cheaper, and more transparent euro transactions and aligns Moldova with the broader European payments ecosystem.

At ACI Partners, we are ready to assist financial institutions, businesses and investors in navigating the legal, technical, and regulatory aspects of this transition. For tailored legal support regarding SEPA compliance, cross-border payments, or financial regulation, please contact us.

This material is prepared by Nicolina Țurcan,
Senior Associate, ACI Partners.