What Are SEPA Payments?


Quick Answer

SEPA stands for "Single Euro Payments Area" and is a European Union payment-integration initiative. It is for citizens, businesses and European public authorities to be able to make and receive euro payments regardless of location.

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Full Answer

SEPA payments make electronic transfers throughout the euro area as easy as exchanging cash. SEPA payments are available to over 500 million citizens and more than 20 million businesses. SEPA makes it simple to make bank transfers between accounts anywhere in the euro area. The SEPA regulation was adopted in 2012. However, on February 1, 2014, all direct debits and credit transfers in euro would be made under the same format.

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