What is SEPA?

The Single Euro Payments Area (SEPA) initiative for the European financial infrastructure involves the creation of a zone for the Euro in which all electronic payments are considered domestic, and where a difference between national and intra-European cross border payments does not exist.

SEPA will allow consumers to make cashless Euro payments to any beneficiary located anywhere in the Euro area using only a single bank account and a single set of payment instruments. All retail payments in Euro will thereby become “domestic”. There will no longer be any differentiation between national and cross border payments within the Euro area.