What is SEPA?
SEPA stands for Single Euro Payments Area, and is an initiative supported by the European Payments Council (EPC). The main purpose of this initiative is to improve the efficiency of cross-border payments and turn the fragmented national markets for euro payments into a single domestic one . SEPA will enable customers to make cashless euro payments to anyone located anywhere in the area, using a single bank account and a single set of payment instruments. Economically speaking, this is very important in achieving economies of scale, by creating a common framework of payment instruments, standards and procedures.