What Is SEPA?

SEPA (Single Euro Payments Area) is a European Union (EU) integration initiative that is aimed at streamlining processes that are related to cross-border payments. SEPA consists of the EU member states plus a few additional countries. In SEPA, customers can make electronic Euro payments within and across these countries under the same rights and obligations. SEPA payment services are based on global ISO (International Organization for Standardization) standards.