Today’s clients operate in fast-paced environments where time-to-market and flexibility are critical. Businesses expect seamless integrations, real-time processing, and the ability to adapt systems as their operations grow.

Traditional banking infrastructures often struggle to meet these demands due to long onboarding cycles and limited adaptability. At Sepaga, we have built our platform to support a digital-first approach, enabling clients to move quickly without being constrained by outdated processes.

Our Technology Team is focused on delivering meaningful outcomes quickly while maintaining high standards of quality and compliance. We follow an agile methodology that allows us to respond rapidly to changing requirements. Close collaboration between technology, product, and operations ensures that every solution is aligned with real business needs.

The key strength of our platform is its ability to integrate with a wide range of client systems. This is intentional, as we recognize that each client operates within a unique technical environment, and flexibility is essential. We support multiple integration methods, including our standard APIs, while also offering the ability to develop custom APIs tailored to specific client requirements. This enables clients to connect to our platform in a way that integrates seamlessly with their existing infrastructure. Whether supporting payment processing, reporting, or compliance workflows, our approach minimizes disruption and removes the need for extensive system changes on the client side.

Technology in the banking sector is constantly evolving, and our Technology Team is committed to staying ahead of these changes. We continuously refine our platform based on client feedback, performance insights, and regulatory developments. Ongoing monitoring and optimization enable us to proactively enhance our services and maintain high performance.

By aligning industry standards such as ISO 20022 and adapting to new regulatory frameworks, we ensure that our clients remain well-positioned in a dynamic market.

At Sepaga, we position ourselves as more than just a banking service provider, we are a technology-driven partner committed to delivering efficient and adaptable solutions for our clients. Our Technology Team plays a central role in enabling this vision, ensuring that our clients receive the speed, flexibility, and reliability they need to succeed in an increasingly demanding banking environment.

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The survey assessed four key elements of the workplace environment: employees’ trust in the people they work with, their sense of pride in their work, the enjoyment they derive from collaborating with colleagues, and the stability and consistency of the work environment, regardless of their role or position within the company.

Through their responses, Sepaga’s employees highlighted the company as a top employer, offering a workplace defined by respect, teamwork and reliability. This important recognition – achieved through the collective efforts of everyone – positions Sepaga as an attractive destination for professionals in the financial sector, while also strengthening the motivation of current employees to continue contributing and achieving new distinctions.

Ms. Elena Kontou, CEO of Sepaga, stated, “I would like to thank the entire Sepaga team, because this distinction belongs first and foremost to them. At Sepaga, we will continue our efforts to improve our daily work life and to strengthen a robust workplace culture. I am grateful that together we have managed to create an environment where trust, pride, and camaraderie play a central role. Let’s continue improving every day!”

Great Place to Work^® is a leading consulting firm with a presence in more than 90 countries and over 30 years of experience in researching and evaluating workplace culture. It supports leaders and organizations by providing both the recognition and the tools needed to create an environment where employees feel genuine respect, trust and satisfaction.

About Sepaga.

Sepaga is a fully licensed Electronic Money Institution (E.M.I.) by the Central Bank of Cyprus since 2016, headquartered in Nicosia. Sepaga provides international businesses with secure, efficient global payment and receipt solutions, supported by advanced technology and expert teams worldwide. Through strong banking and payment network partnerships, Sepaga’s services help optimize cash flow, reduce working capital cycles, and streamline payment processes, all with 24/7 control and high security.

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Starting 9 October 2025, the EU Regulation (EU) 2024/886, also known as the Instant Payments Regulation, will introduce mandatory Verification of Payee (VoP) checks for EUR-denominated payments. This process ensures that the beneficiary’s name matches the IBAN before a payment is executed, helping to reduce fraud and enhance payment security.
 

What SEPAGA EMI Does

To ensure full compliance with the upcoming Verification of Payee (VoP) regulation, SEPAGA EMI has developed a dedicated validation service that integrates directly with the European Payments Council (EPC) database. This service will go live on 6 October 2025, ahead of the regulatory enforcement date, reinforcing our commitment to secure and compliant payment processing.

How This Affects You

VoP will apply to all EUR payments to beneficiaries within the Eurozone, regardless of whether they are instant or standard credit transfers.  SEPAGA EMI will perform VoP checks on payments we process on your behalf. If discrepancies arise during verification, our support team will contact you to determine the appropriate next steps.

How VoP Works

After a payment order is created, SEPAGA EMI will verify the payee’s name against the IBAN provided:

• Exact Match: The name matches the account details. The payment will proceed without delay.
• Close Match: The name is similar but not identical. We will contact you to confirm whether to update the account name or proceed.
• No Match: The name does not correspond to the IBAN. We will ask for your confirmation before proceeding.
• Verification Not Possible: If verification cannot be completed, we will request your decision on whether to continue.

Terms and Conditions Amendments

We have made some amendments based on the above information provided, for our Terms & Conditions to be fully compliant with the new VoP Regulations.

This update will take effect on 29 November 2025. No action is required on your part. You can continue using our services as usual. By doing so after 29 November 2025, you will be deemed to have accepted the updated Terms and Conditions.

You can review the updated Terms & Conditions by clicking here.

** Note: Please bear in mind that, VoP does not block payments. It provides an additional layer of security. If you choose to proceed despite a warning, the responsibility for the decision remains with you. Please be aware that mismatches may cause delays in payment processing.

We are always available for you, to provide more information about how this may affect your business, please contact your Customer Care Officer or sent us an email at sepagasupport@sepaga.com.

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As a licensed Electronic Money Institution (E.M.I.), Sepaga will serve as the partner behind the platform, providing the infrastructure for opening electronic accounts (e-wallets), executing payments (including international money transfers), managing currency exchange and performing KYC/AML procedures through automated checks.

This strategic partnership not only allows Sepaga to expand their services to a new market with significant transaction volume, multi-currency flows, and a diverse international client base but also strengthens Sepaga’s brand as an innovative and reliable financial services provider. Through the 7 Seas Wallet platform, Sepaga becomes part of the digitalization of a traditionally analog sector like maritime, opening up new options for further development for the company.

Facing the problems of delaying payments and bonuses to the seafarers, the complexity of handling cash on board and regulatory requirements of international transactions, the 7 Seas e-wallet by Cellock, powered by Sepaga’s expertise in e-money solutions and currency conversion, comes as a streamlined solution to all these challenges the seafarers and companies that employ them.

Elena Kontou, CEO of Sepaga E.M.I. stated: “At Sepaga, our mission is to deliver smart, secure financial solutions tailored to our clients’ unique needs. The 7 Seas Wallet by Cellock is a game-changer for the shipping industry, bringing modern financial infrastructure to a sector that has long been underserved due to its global and mobile nature. We’re proud to support a solution that empowers seafarers, streamlines operations, and overcomes geographic limitations. As the industry evolves, so do we – continuously innovating to make financial solutions simpler, faster, and more accessible for our clients and partners.”

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Great Place to Work® is a globally recognized authority on workplace culture, employee engagement, and satisfaction. This prestigious accolade reaffirms Sepaga EMI’s commitment to fostering an exceptional work environment and nurturing its dedicated team of professionals.

“Truest fuels Sepaga’s success, and it’s all about teamwork. This Award for being a great workplace highlights our commitment to trust. It’s not just about transactions; it’s the trust our customers and team have in us. In the digital Finance world, trus is our currency, and together, we will keep building on it as we shape the future of finance” said the CEO of Sepaga E.M.I., Mrs. Elena Kontou. “At Sepaga EMI, we have always prioritized creating a workplace where our employees can thrive, grow, and feel valued. This award is a testament to the hard work and dedication of our team.”

Sepaga EMI’s achievement in being ranked 14th in the Small Companies Group underscores the company’s ongoing efforts to cultivate a culture of trust, collaboration, and innovation. The organization’s commitment to employee well-being, professional development, and inclusivity has played a pivotal role in this recognition.

As the company celebrates this milestone, it remains dedicated to its mission of and looks forward to continued growth and success. For more information about Sepaga EMI and its commitment to workplace excellence, please visit www.sepaga.com.

About Sepaga EMI:

We are a fully licensed and regulated Electronic Money Institution by the Central Bank of Cyprus (License No. 115.1.3.18/2018) since 2017 and we take pride in providing our clients with exceptional financial solutions for managing their funds and global payments. Our expertise in the issuance, distribution and redemption of Electronic Money has made us a leader in the industry, with a strong reputation for security, reliability, and innovation. We cater to the needs of local and international corporate clients, offering a wide range of financial solutions that are designed to meet their unique requirements.

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The lowdown on sustainable green banking

Green banking, also known as ethical banking, is environmentally-friendly banking that encourages customers to reduce their carbon footprint via their banking activities. Traditional banks have been known to use significant amounts of paper to deal with daily customer requests, be that the opening of a new account, the processing of a loan request or an updated statement. Offering an alternative way of carrying out transactions, green banking prioritises sustainable services and actions that guarantee a brighter future. As such, financial institutions use technology to reduce negative impacts on the planet. 

As emphasised in an insightful White Paper by Tata Consultancy Services on ‘Going Paperless’, a recent Bank of America study has highlighted that the transition to online statements will reduce about 37,000 metric tons of GHG emissions and 136 million gallons of blue water consumption. Going paperless clearly has a vast range of benefits, as financial institutions and banks help reduce environmental waste and damage to the environment. That’s not to forget increased productivity, lower operational costs, and an enhanced digital-first experience for the customer.

Sepaga: all eyes on a greener future 

Working towards a greener future, Sepaga (an Electronic Money Institution licensed and regulated by the Central Bank of Cyprus) is already implementing various ‘go-green’ initiatives in line with its dedication to innovation and socially responsible banking. With the company’s main philosophy focusing on online banking and electronic money, it is actively helping to reduce carbon footprint by minimising the movement of clients to and from bank branches, eliminating the need to sign papers or contracts. Meetings have now largely shifted online, and all documents and client data are efficiently stored in the cloud, reducing the need for printing, and lowering the consumption of energy in the modern Sepaga offices via the use of local servers.  

This also ties in with the company’s paperless policy, always prioritizing the use of electronic documents. Any limited paper that is used for any reason is always recycled along with all plastic used in the offices. Importantly, Sepaga has also implemented the EMAS certification; the EU Eco-Management and Audit Scheme which helps companies evaluate, report, and improve their environmental performance.  

In this fast-evolving digital era, time consuming paper-based processes that place a further burden on our planet are slowly becoming a thing of the past. The shift to online banking – and the use of the internet for a whole range of convenient financial solutions – now means that managing funds, making global payments, converting currency and much more, can all be conducted electronically in a far more ethical, convenient and secure manner. 

The shift to electronic money and paperless online banking means that sustainability and sustainable finance is now taking centre stage. To be a part of the change, contact the Sepaga team for more info on how we can help you and your business today.

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Simply put, they are used to fast experiences and speedy results at the tap of a button. Interestingly, this generation is also shaping the banking revolution. While baby boomers are happy to walk to their closest bank branch, Gen Z and Millennials want solutions at their fingertips. Hardly surprising, traditional banks are losing ground as younger generations are happy to wave goodbye to cash and wallets filled with cards and cash, secure in the knowledge almost everything can now be done virtually. It’s clear that consumer preferences are fast-evolving and digital banking has become more popular than ever. Let’s examine how attitudes vary by generation.  

Baby boomers  

Often just named ‘boomers’, this generation is usually defined as individuals born between 1946 to 1964. And it’s this generation that tends to prefer tradition. According to a  by Cornerstone Advisors, baby boomers seem more connected to their bank branch and bank personnel than other younger generations. In the study, a significant 75% of baby boomers stipulated they interacted with branch personnel, compared to only half the respondents in other generations. Only 17% of baby boomers had no personal interaction when opening an account. But that’s not to say that they won’t embrace new technology at all. In some cases, they are open to embracing digital trends, aware of the fact that technology simplifies what used to be time-consuming procedures.

What they need is assurance, knowledge, and professional guidance to give them digital banking confidence.  Generation X This generation, born between 1965 and 1980, has adapted more to digital technology and digital banking than baby boomers. Aware of a world before the internet and years before the introduction of digital tools and smartphones, this generation is cautious when it comes to change, but people in this age bracket seem to be keen learners.

Security is of utmost importance, and they generally take time to ensure that their banking transactions are carried out safely and securely. According to the BAI Banking Outlook Special Report 2021, Gen X is comfortable with digital devices, but is more similar to Boomers in their preference for traditional banks. They actually trust their primary financial services provider more than any other generation. However, the special report highlights that they are still keen on adopting new ways in many respects looking for online account opening for deposits and loans, low banking fees, and faster payments.

Generation Y (otherwise known as Millennials) 

Gen Z, the generation born between 1997 and 2012, may be incredibly young, but they are by in large, leading the way when it comes to change and new habits. They have been exposed to tech from the start of their lives and the world of technology is one that they know inside out.

And while some of them may just be getting started with their personal banking, they want to know about the latest solutions and what’s available to make things easier. Fundamentally, they care about how it can improve their lifestyle. And they are looking for services that can be seamlessly adapted to their personal needs. According to research by W1TTY, 64% of Gen Z are looking for a personalised banking experience with products and services fine-tuned to their individual banking situation. 

Stepping into a new era…

Older generations may still feel the need to go down to a traditional bank branch. But consumers as a whole these days are far more tech-savvy and demand fast solutions at their fingertips. And for any banking or financial institution to evolve and grow today, innovation has to be at the core of every new service and offering.  

In line with recent shifts and consumer preferences, Sepaga will soon be launching a new user-friendly faster online portal for clients, and a mobile app. Both will be PSD2 compliant, ensuring secure transactions, and will offer multiple wallets and solutions.

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E-wallets are digital accounts issued and managed by payment providers, either connected with a Virtual IBAN number for dedicated client’s use or under a master account managed by the provider. An e-wallet is a simple online payment tool that works through online portals on our devices or like an app on our laptops, smartphones, smartwatches, and tablets. Furthermore, e-wallets can be connected to virtual or real plastic cards, enabling their use of them by individuals or individuals linked with a legal entity.  A one-time password (OTP) is generated, and users can review their accounts through the online portal, using unique credentials, their OTP, and the necessary information to start using their e-wallet. The information is encrypted, and only authorized users can use the e-wallet and make authorized transactions and payments.

E-Wallets are Gaining Popularity

Even before the pandemic that sparked the use of online payments due to lockdowns and the growth of e-commerce, e-wallets were already becoming increasingly popular, especially among young people. In a digitalized world where most businesses operate online, consumers find it extremely easier to make purchases without having to withdraw cash from ATMs. In fact, more than 2 billion people worldwide used online payments in 2021, while the revenue from such payments reached an astonishing $1.3 trillion in 2020. Additionally, we observe that when young adults are casually sharing a meal, lodging, or going on vacation, they find it more convenient to make peer-to-peer payments via mobile payments.

Due to the exposure on social and traditional media through awareness campaigns, e-wallets have gained popularity and consumers are becoming more and more interested in this convenient payment tool. However, not all e-wallet providers are reliable, and not everything we see in an advertisement is true.  Consumers should carry out thorough research before deciding where to “issue” their e-wallets, as not all providers are regulated by legal authorities. 

Every day, more and more businesses, brands, retailers, stores, and even state authorities are accepting e-wallet payments, which has convinced consumers that e-wallets can be a trustworthy payment tool. Numerous businesses have already noticed the benefits of e-wallet payments, and, for this reason, they have integrated them into their systems to facilitate their customers and clients.  

Besides, one of the greatest advantages of e-wallets is that they offer modernized, streamlined procedures as they do not require entering credit card information into a website for online payments or filling in documents. As a result, it’s no surprise that the demand for e-wallets has increased along with the growth of e-commerce.

Secure, Flexible & Convenient 

Digital wallets were developed not only to make our lives easier, but also to enable multiple functions across many countries and currencies. Multi-currency e-wallets enable international businesspeople and individuals who move from country to country to keep all their funds together and secure no matter where they are. Users can make and accept payments from suppliers, affiliates, employees, and other users worldwide. Furthermore, e-wallets provide convenient solutions for businesses as they allow the use of multiple wallets to easily manage their cash flow from one or more accounts. Users can also connect their e-wallets with corporate accounts or prepaid/debit cards for more flexibility. 

Whenever you use your e-wallet your information is secure in a central location. E-wallet transactions are protected by multiple layers by the online platform and the bank that issued the digital card. And this is the reason why e-wallets are far more secure and convenient than physical cards. 

Using an e-wallet in today’s hectic world will save you precious time, as you can make a purchase or a transaction in a few seconds. Businesses that operate with e-wallets lower their costs as they do not need intermediaries, and they strengthen their business model to sustain competitive advantage in a rapidly changing world. 

Modernize your corporate and personal finances with Sepaga’s innovative e-wallet that keeps your payments, connections, and transactions secure under one roof. 

The post E-wallets: Everything You Need to Know appeared first on Sepaga.

At the moment the company serves only corporate clients and has close cooperation with lawyers and accountants as they resell Sepaga’s products to their own clients. “Our clients can be local shops that need easier and faster payments, medium size enterprises or even large organizations. We are also able to serve licensed industries such as forex, gaming and the adult industry” said Ms. Elena Kontou, CEO of Sepaga EMI. “Nevertheless, we are a stable institution as we are not involved in loans and credits and we oblige to the same requirements by the Central Bank as traditional Banking Institutions do, such as monthly reports, inspections, internal and external auditors” she explained.

As a fintech company, technological advancement is at the core of its strategy. “A large part of our capital goes to R&D and technology. Everything we use is internally developed and used exclusively by Sepaga EMI” Kontou highlighted.

Having successfully cruised through the COVID-19 pandemic, Sepaga EMI eyes more expansion and double growth for the next years. “Our technological capabilities helped us during the pandemic as we were able to work remotely from day one without any software installations and training. We were not affected at all by this. On the contrary we increased our clients during the pandemic” said Kontou.

The team of Sepaga EMI currently employs 15 people in Cyprus and plans to double its team and expand regionally. New technology is to be launched by the end of this year and the young fintech company is poised to become a main player in the electronic money industry.

Elena Kontou is the CEO of Sepaga EMI. (https://www.sepaga.com/ )

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