SEPA Definition.

Single Euro Payments Area: the single area for euro payments, covering some 40 countries (the EU, the EEA, the UK, Switzerland and microstates), where credit transfers and direct debits follow the same standards: IBAN, ISO 20022 messages and EPC schemes. Migration away from national formats was completed in 2014 in the euro area. A cross-border SEPA payment must cost the same as a domestic one.

See also

→ SCT→ SDD→ IBAN

Where this term appears

GuideThe four-party modelGuidePayment schemesGuidePayment regulationGuideCentral banks and payment infrastructuresGuidePayments in GermanyGuidePayments in AustriaGuidePayments in the BalkansGuidePayments in the Baltics and FinlandGuidePayments in the Netherlands and BelgiumGuideProtecting customer funds, and what happens when the institution failsGuideThe PSD2 framework contract and conduct-of-business rulesGuidePayments in Germany, Austria, and Switzerland

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