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Single Euro Payments Area (SEPA)

SEPA is a pan-European EU project aimed at standardising European payment transactions. SEPA covers the countries in the euro area, the other EU countries, Iceland, Liechtenstein, Norway, Switzerland and Monaco.

Following the introduction of the single European currency, the last step was the standardisation of payment transactions in Europe on 2 August 2014. The purpose of both measures is to strengthen the European Union’s economy in a global context.

  • At present, payment instruments, formats and rules used in Europe differ widely. The objective is to standardise them across Europe.
  • SEPA Credit Transfer and SEPA Direct Debit are the payment products that will be introduced throughout Europe.
  • The political objective of SEPA is to eliminate differences in the processing of national and cross-border payments.