The Impact of the Single Euro Payments Area (SEPA)
Euro, SEPA, European integration, payment systems
The Single Euro Payments Area or SEPA is the area where citizens, companies and other
economic actors are able to make and receive payments in euro, within Europe, whether
between or within national boundaries under the same basic conditions, rights and obligations,
regardless of their location.
The objective of the SEPA is to establish a pan-european market for safe, efficient processing
and settlement of all euro payments, irrespective of whether the originator and beneficiary are
from the same EU country, which is able to bring high service level, products and cheaper performance
of payment. SEPA will enable customers to make cashless euro payments to anyone
located anywhere in the euro area using only a single bank account and a single set of payment
Instruments. An euro-area in which all payments are domestic, where the current differentiation
between national and cross-border payments no longer exists.
The Impact of the Single Euro Payments Area (SEPA) [PDF file] [Filesize: 778.92 KB]