SEPA

The Single Euro Payments Area (SEPA) is a European legislative initiative for the harmonisation and integration of the payments market with the aim of simplifying cross-border cashless payments in euros.

Within SEPA, it is simple for payment service users to make and receive payments using a single payment account and a single set of payment instruments for credit transfers and direct debits.

Because payments in the SEPA environment are processed according to a single set of rules and standards, payment service users have the opportunity to choose their payment service provider irrespective of the country of origin. Payment service providers have the opportunity to operate on a level playing field, allowing them to benefit from economies of scale.

The ECB has released a video about the SEPA and the benefits it brings to both payment service users and providers in making payments.