The National Bank of Moldova (NBM) has signed an application for Moldova’s accession to the Single Euro Payments Area (SEPA). Joining SEPA would mean lack of differences between cashless payments in euros, national or cross-border, and also cheaper transactions, reduced time and security of transfers, IPN reports.

According to NBM governor Anca Dragu, today the National Bank clearly and unequivocally states its desire to be part of the European single payments system. It also shows its commitment and contribution to the European path and this is an important moment for the economy of the Republic of Moldova and for all participants in economic circuits.

The governor noted that the costs are among the benefits of belonging to SEPA. It is to the advantage of all participants to have transparent, safe payments and sustainably pricing. With this system, a payment could be made within 24 hours and a person will not pay €50 per transaction, but, for example, €3 euros, for payments in the own name or in the name of companies.

“It is a categorical step towards strengthening the European single market, and for Moldova there is the commitment that we can be part of the European market,” noted Anca Dragu.

The evaluation and connection to the system follow next. It is estimated that the evaluation will take one year. This will include the dialogue with the European Payments Council. The connection period will last for about half a year.

Dorel Noroc, president of the Moldovan Banks Association, believes that cross-border, international payments will reach another level with SEPA, while Moldovan citizens and companies will feel the benefits of integration into the EU’s payments market. Together with the accession to SEPA, the advantages enjoyed by citizens when making national payments will also be accessible for international payments. SEPA means convenience, speed and safety. The connection to SEPA provides a very important basis for the country’s economic integration into the EU’s area and will exclude any type of barrier from the transfer of money from Moldova to the EU and vice versa.

Andrei Stamatian, chairman of the Management Board of a commercial bank, noted that he worked in the Romanian banking system and saw SEPA in action. As citizens receive money from abroad at high costs, without having a bank account, if they understand the advantages of SEPA, they will be determined to open a bank account. Thus, banks can expand financial intermediation, which is a desideratum in the Republic of Moldova.

There are 36 countries in the SEPA zone, including all EU member states.