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What is payment system in Finland?

25 Jul 2022 By PAYCEC

Payment systems are a crucial component of the financial industries network. Bank transfer (SEPA) and card payment are the preferred electronic payment systems in Finland.

Finland participates in SEPA, the Single Euro Payments Area. The European Payments Council (EPC) maintains its regulations and standards.

  • Domestic payments are transmitted as SEPA Credit Transfers.
  • Finnish SEPA Credit Transfer AOS.
  • SEPA Instant Credit Transfer.
  • ISO 20022 compliant payment material.
  • Communication links between customer and bank.
  • Payment cards (mostly Visa & MasterCard) issued by banks are mostly debit cards linked to accounts.
  • SEPA Direct Debit.

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