SEPA

Single Euro Payments Area

SEPA is a payment integration initiative of the European Union for simplification of bank transfers denominated in euro. It enables consumers, businesses, and governments to make cashless payments across Europe.

SEPA includes all EU member states plus several non-EU countries. SEPA credit transfers use IBANs, and the scheme also covers direct debits. SEPA transfers typically take one business day and have standardized fees across the zone, making cross-border payments as easy as domestic ones. Large euro payments may clear through systems like STEP2.

Related Terms

IBAN

International Bank Account Number

An IBAN is a standardized international numbering system used to identify bank accounts across natio...

BIC

Bank Identifier Code

A BIC is an 8 or 11-character code that uniquely identifies a bank for international transactions. I...

EFT

Electronic Funds Transfer

EFT is a broad term for any transfer of money from one bank account to another through electronic me...

Direct Debit

Direct debit is an authorized withdrawal from a bank account, typically set up for recurring payment...

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