Single Euro Payments Area (SEPA)

Following the introduction of the euro banknotes and coins in the countries of the euro zone in 2002, the creation of a single payments area for the non-cash payment instruments remained a big challenge. In this context, the European banking community established the European Payments Council and so the "Single Euro Payments Area" project was launched.

What is SEPA

SEPA is an area in which consumers, companies and other economic actors will be able to make and receive payments in euro, whether between or within national boundaries under the same basic conditions, rights and obligations, regardless of their location. SEPA aims to create an integrated, competitive and innovative euro area retail payments market, where non-cash euro payments can be effected using as a single bank account and a single set of payment instruments.

For more information see The Single Euro Payments Area (SEPA) ECB brochure.

SEPA Stakeholders

SEPA has the full support of the European Commission and the Eurosystem and is being developed on the initiative of the banking sector. Banks focus on the development of SEPA payment instuments (credit transfers, direct debits, credit/debit cards) that will replace the correspondent national payment instruments. Besides banks, SEPA implementation involves clearing systems, companies, consumers, public authorities and the public administration.

Publications / Speeches

ECB: “The expectations of the Eurosystem as regards the future of SEPA” March 2009
ECB: “SEPA - 6th Progress Report”, November 2008.
ECB: "SEPA - From concept to Reality (5th Progress Report)", July 2007
ECB: "Towards a single euro payments area - fourth progress report: An integrated retail payments market", February 2006
ECB: The Eurosystem's view of a SEPA for cards, November 2006.
ECB: “Information brochure: SEPA, The Single Euro Payments Area-an introduction”, October 2006.
ECB: Single Euro Payments Area - Joint Statement from the European Commission and the European Central Bank, May 2006.