16 November 2015 – Demonstrating its growing reputation for delivering innovative payment solutions, Raphaels Bank can now offer European transfers through the Bank’s indirect membership of The Single Euro Payments Area (SEPA). Working in conjunction with a leading European clearing bank with its own SEPA capability, Raphaels Bank is now able to offer cost-effective, fast payments through the European region, opening the doors of this functionality to both UK and European businesses to whom access may have previously been unattainable.
SEPA was introduced in 2008 to simplify Euro denominated bank transfers across the borders of member states of the European Union and the European Free Trade Association. Using Raphaels’ membership, individual IBANs can be created for cardholders facilitating SEPA Credit Transfers and SEPA Direct Debits.
Mike Smith, Commercial Director, for Raphaels Bank said: “The ability to provide SEPA payments for our partners is a key requirement and market differentiator for those businesses looking to capture the wider European Market. This membership extends the innovative payment solutions we now offer as part of our enabling capabilities.”
About Raphaels Bank
Raphaels Bank is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. A long established independent banking house in the UK, with origins to 1787, Raphaels offers financial products for private customers including a range of savings products, in addition to being a provider of niche lending facilities through partners and brokers.
The Bank is a leading player in the prepaid card market and issues MasterCard and VISA cards with partners in the UK and other European countries.
Also a member of the LINK ATM scheme, Raphaels has an estate of ATMs, including the London tube network, dispensing both Sterling and foreign currency.
Alison Reeson or Parm Heer
Tel: 0208 977 9132