SEPA will harmonise the way we make and process payments. SEPA will enable customers to make cashless euro payments to anyone located anywhere in the euro area using only a single bank account and a single set of payment instruments.
The main work is done by the banking industry under the leadership of the EPC (see Involved parties). Standards and practices of payments have so far been organised differently in almost every country in the euro area. Banks are competitors in the separate markets. Now they work together and are re-organising the way euro payments are made and processed.SEPA requires
For details, see Deliverables.
SEPA will turn the fragmented national markets for euro payments into a single domestic one. This will increase
business opportunities and competition among providers of payment services. It will bring down prices for customers
and raise the quality of services.
Customers will finally benefit from the single currency for cashless payments, too.
Read about Your benefits.
For the Eurosystem, SEPA means the full implementation of the single currency. For the European Commission it is important for complementing the Single Market. SEPA is therefore an important step in European integration.back to top