Single Euro Payments Area
From Open Risk Manual
Definition
Single Euro Payments Area. (SEPA) It is a European payment initiative which was introduced in order to establish a single payment market; making it simple and less costly for customers (be them consumers and organizations) to make and receive payments across Europe. SEPA payments are available in 35 countries, and provide cross-border bank transfer capabilities for organizations, vendors, and customers in a way which is equivalent to making a domestic payment.
