What is SEPA?
SEPA is the abbreviation for ‘Single Euro Payments Area’, and since 2014 it has been used almost by all EU member states for cashless transactions. At the moment 36 countries (also non EU members) are participating in SEPA, you can check more detailed information on the European Central Bank page. Long story short, SEPA makes international transfers within Europe as easy as any domestic transfer.
When you make a money transfer with Finom, your transaction can have one of four statuses:
To pay. This means that a transaction has been created (as a draft) but requires confirmation/signing from the authorised person. For example, your employee created a payment, and it should be authorised by you, as the owner of the company.
Processing. This status means that a transaction is being processed, and has impacted the bank account's Authorised Balance
Completed. This means that a transaction has been completed, and has impacted the bank account's balance.
Declined. If you see this status, it means that your transaction has not been authorised for a particular reason. For example, there is insufficient funds in the account.
How to check the status of a transaction?
Click on the transaction you would like to check the status of, from your main dashboard.
2. You will then be redirected to the page with transaction details. You will find the status of your transfer in the top right corner.
If you have questions about the status of any transaction, please don't hesitate to contact our customer care team through our in-app live chat, or via email at [email protected].