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    Single Euro Payments Area (SEPA)

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    Carolina Guedes
    The Single Euro Payments Area (SEPA) allows customers in the European Union and some non-EU countries to make cashless euro payments across borders as easily as domestic payments. SEPA was introduced in 2008 for credit transfers and 2009 for direct debits, and was fully implemented by 2014 in euro area countries. SEPA has increased efficiency and competitiveness in Europe by standardizing euro payments. It was launched by European banks and payments industries with support from governments and regulators like the ECB.

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    Single Euro Payments Area (SEPA)

    Uploaded by

    Carolina Guedes
    34 views8 pages
    The Single Euro Payments Area (SEPA) allows customers in the European Union and some non-EU countries to make cashless euro payments across borders as easily as domestic payments. SEPA was introduced in 2008 for credit transfers and 2009 for direct debits, and was fully implemented by 2014 in euro area countries. SEPA has increased efficiency and competitiveness in Europe by standardizing euro payments. It was launched by European banks and payments industries with support from governments and regulators like the ECB.

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    The Single Euro Payments Area (SEPA) allows customers in the European Union and some non-EU countries to make cashless euro payments across borders as easily as domestic payments. SEPA was introduced in 2008 for credit transfers and 2009 for direct debits, and was fully implemented by 2014 in euro area countries. SEPA has increased efficiency and competitiveness in Europe by standardizing euro payments. It was launched by European banks and payments industries with support from governments and regulators like the ECB.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    34 views8 pages

    Single Euro Payments Area (SEPA)

    Uploaded by

    Carolina Guedes
    The Single Euro Payments Area (SEPA) allows customers in the European Union and some non-EU countries to make cashless euro payments across borders as easily as domestic payments. SEPA was introduced in 2008 for credit transfers and 2009 for direct debits, and was fully implemented by 2014 in euro area countries. SEPA has increased efficiency and competitiveness in Europe by standardizing euro payments. It was launched by European banks and payments industries with support from governments and regulators like the ECB.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 8

    Single Euro Payments Area (SEPA)

    Thanks to the Single Euro Payments Area (SEPA), customers can now make cashless euro payments –
    via credit transfer and direct debit – to anywhere in the European Union, as well as a number of non-EU
    countries, in a fast, safe and efficient way, just like national payments. SEPA was introduced for credit
    transfers in 2008, followed by direct debits in 2009, and fully implemented by 2014 in the euro area (and
    by 2016 in non-euro area SEPA countries).

    The payment integration triggered by SEPA has contributed to the efficiency and competitiveness of the
    European economy as a whole by eliminating differences between national and cross-border payments by
    harmonising standards in all the participating countries. The legal framework for SEPA – which the ECB
    helped to draw up in close cooperation with the European Commission – is based mainly on the Cross-
    border payments regulation, the Payment Services Directive (PSD/PSD2), the SEPA migration end-date
    Regulation, and the Interchange Fee Regulation.

    SEPA was launched by the European banking and payments industry with the support of national
    governments, the European Commission, the Eurosystem, and other public authorities. As SEPA not only
    harmonised the way non-cash euro payments are conducted, but also completed the introduction of the
    euro as the single currency, the Eurosystem had a very strong interest in the success of the SEPA project.

    Participation
    The SEPA region consists of 36 European countries, including several countries which are not part of the
    euro area or the European Union (status: 30 October 2020).

    Interactive map of countries in the Single Euro Payments Area (SEPA)


    EU Member State with euro as its currency

    EU Member State with a currency other than the euro

    Non-EU SEPA country

    Non-EU non-SEPA country

    Selected country
    Please select a country
    Austria
    EU member using the euro

    EU member since 1995

    Euro since 1999 (cash since 2002)


    Belgium
    EU member using the euro

    EU founding member in 1957

    Euro since 1999 (cash since 2002)


    Bulgaria
    EU member not using the euro
    EU member since 2007
    Cyprus
    EU member using the euro

    EU member since 2004

    Euro since 2008


    Czech Republic
    EU member not using the euro

    EU member since 2004


    Germany
    EU member using the euro

    EU founding member in 1957

    Euro since 1999 (cash since 2002)


    Denmark
    EU member not using the euro

    EU member since 1973


    Estonia
    EU member using the euro

    EU member since 2004

    Euro since 2011


    Spain
    EU member using the euro
    EU member since 1986

    Euro since 1999 (cash since 2002)


    Finland
    EU member using the euro

    EU member since 1995

    Euro since 1999 (cash since 2002)


    France
    EU member using the euro

    EU founding member in 1957

    Euro since 1999 (cash since 2002)


    Greece
    EU member using the euro

    EU member since 1981

    Euro since 2001 (cash since 2002)


    Croatia
    EU member not using the euro

    EU member since 2013

    Euro since 2023


    Hungary
    EU member not using the euro
    EU member since 2004
    Ireland
    EU member using the euro

    EU member since 1973

    Euro since 1999 (cash since 2002)


    Italy
    EU member using the euro

    EU founding member in 1957

    Euro since 1999 (cash since 2002)


    Lithuania
    EU member using the euro

    EU member since 2004

    Euro since 2015


    Luxembourg
    EU member using the euro

    EU founding member in 1957

    Euro since 1999 (cash since 2002)


    Latvia
    EU member using the euro

    EU member since 2004


    Euro since 2014
    Monaco
    Non-EU country

    Malta
    EU member using the euro

    EU member since 2004

    Euro since 2008


    The Netherlands
    EU member using the euro

    EU founding member in 1957

    Euro since 1999 (cash since 2002)


    Poland
    EU member not using the euro

    EU member since 2004


    Portugal
    EU member using the euro

    EU member since 1986

    Euro since 1999 (cash since 2002)


    Romania
    EU member not using the euro

    EU member since 2007


    Sweden
    EU member not using the euro

    EU member since 1995


    Slovenia
    EU member using the euro

    EU member since 2004

    Euro since 2007


    Slovakia
    EU member using the euro

    EU member since 2004

    Euro since 2009


    San Marino
    Non-EU country

    In addition to the highlighted countries; Andorra, Liechtenstein, Monaco, San Marino, the Vatican City
    State / Holy See are also part of SEPA.

    Facts & figures


    Name Single Euro Payments Area

    2014 for euro area countries 2016 for non-euro area SEPA
    Implementation year
    countries

    Currency Euro

    Cashless payment
    Credit transfer, direct debit
    instruments

    No longer than one business day for electronic payment orders;


    Speed of processing
    two business days for paper-based payment orders

    36 countries (includes some non-euro area and non-EU countries)


    SEPA area
    (status: 1 March 2019)
    European banking and payments industry, payment service users,
    Stakeholders national governments, the European Commission, the Eurosystem,
    and several other public authorities.

    The role of the


    Catalyst
    Eurosystem

    Find out more


    IBAN issuance
    National contacts

    Copyright 2023, European Central Bank

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