As a result of the Single Euro Payments Area (SEPA) all electronic payments in euro will be treated as domestic payments, even if they cross national borders.
What is the Single Euro Payments Area?
SEPA is a collaborative initiative between the EU Commission, the European Central Bank and the European banks in the European Payments Council. SEPA includes all member counties of the EU and EEA as well as Switzerland.
SEPA was launched with a view to creating an integrated payment region in Europe, in which payments in euro are subject to the same standards, regulations and conditions.
What does it mean for your business?
The purpose of SEPA is to strengthen trade and competitiveness in Europe by erasing national differences between payments. As SEPA is implemented you will be able to send payments in euro to other European banks in accordance with a set of common payment regulations. All electronic payments in euro will be treated in the same way as domestic payments.
Read more about the Single Euro Payments Area