The Principality of Andorra became part of the Single Euro Payments Area (SEPA). Thus, as of today, this zone includes 36 countries: 28 European Union member states, plus Iceland, Norway, Liechtenstein, Switzerland, Monaco, San Marino, and the Principality of Andorra and the Vatican State.
The inclusion of Andorra in SEPA is another step towards the international integration of the financial center of Andorra and a new element to increase its competitiveness.
Now, all participants in the European Payment Council schemes will be able to send or receive SEPA transfer credit payments, SEPA transfers of instant loans and SEPA charges direct to and from the principality to the full extent.
This facilitates access to new markets, as customers can make payments to any country in the SEPA region, having one account and several payment instruments with identical characteristics, according to a press release from the Andorran government.