SEPA for natural persons

  • The biggest change from the perspective of natural persons will be using of the international account number in IBAN format when entering payment orders. Payment service providers in the SR have the opportunity in accordance with regulation to provide conversion service to natural persons until 1.2.2016. Conversion service means that in cases where the payment service provider provides such a service, so natural persons will be able to continue to use the account number at entering a payment orders as they use it at present and bank it converts into the international IBAN format free of charge.
  • Whereas the beneficiary of direct debit can be also a natural person according to the SEPA rules, as well as any natural person who is interested in receiving of debiting payment, even after 1.2.2014 must apply for the assigning of the CID.