What is SEPA?
SEPA (Single Euro Payments Area) is all about harmonising millions of everyday 'retail' payments. This major harmonisation is supported by European banks, The European Central Bank (ECB) and the European Commission (EC) and will deliver new benefits to customers and businesses who make euro payments. As a result, there will be a number of changes to previous commonly used payments in order to provide SEPA-wide standardised instruments.
SEPA will ensure that customers and companies are able to place and receive non-cash euro payments with the same terms and conditions regardless of whether the payment is domestic or cross-border and at the same time introduce more efficient and secure payment instruments and methods in the European market.
The need for more efficient and simple ways of placing payments has grown and electronic payment systems are now a prerequisite instead of a commodity. SEPA supports enhancing the common electronic payments and makes transfer of money fast and easy. Not only will placing payments be more convenient, but SEPA will also enhance competition, improve efficiency and contribute to economic prosperity.
