Within the framework of the European Union a Single Euro Payments Area has been established and it is widely known as SEPA. In SEPA customers can make electronic euro payments within and across 32 countries under the same basic rights and obligations.
In detail, SEPA consists of the 27 EU member states, Iceland, Liechtenstein, Norway, Switzerland and Monaco. All standard national euro payment instruments, in the above mentioned countries, will be gradually replaced by the SEPA payment instruments, in order to provide customers with additional benefits on their transactions.
SEPA is the most ambitious initiative in European payments history, after the introduction of a single euro currency. It is an EU-wide policy-maker-driven integration initiative designed to:
For more information about SEPA click here.