Single European Payment Area (SEPA)

Iniative aiming at creating a single European market for payment services by European banks. To this effect, European standards will be implemented for payments involving credit transfers, direct debits and cards. A single legal and regulatory framework is also being worked out. For cashless payment instruments like credit transfers, direct debits and card payments European standards have been defined. In 2008, these European instruments should be available to the final user (i.e. consumers, enterprises and public institutions). Eventually, the Euro payments throughout the whole Euro area shall have to take place as smoothly as is currently the case within the most efficient national payment systems.