{{Short description|System for money transfers within the European Union area}} {{Use British English|date=May 2013}} {{Use dmy dates|date=October 2022}} {{infobox geopolitical organization | conventional_long_name = Single Euro Payments Area | other_symbol = 200px | common_name = SEPA | image_map = Single_euro_payments_area.svg | map_caption = {{legend|#3366FF|Eurozone}}{{legend|#33CCCC|Non-Eurozone European Union member states}}{{legend|#6633CC|Other member states of the European Economic Area, and Switzerland}}{{legend|#FBFF00|SEPA member states negotiating European Union accession}}{{legend|#9933CC|Microstates participating in SEPA}}{{legend|#FF0000|United Kingdom (remaining in SEPA after Brexit)<ref name=epc-brexit>{{cite web|url=https://www.europeanpaymentscouncil.eu/news-insights/news/brexit-1-january-2021-onwards-get-ready-end-transition-period|title=Brexit from 1 January 2021 onwards: get ready for the end of the transition period|date=2020-07-14|access-date=2020-12-31|website=European Payments Council}}</ref>}} | membership = {{collapsible list |titlestyle = background:transparent;text-align:left;font-weight:normal; |title = 41 polities |{{flagcountry|Albania}} |{{flagcountry|Andorra}} | {{flagcountry|Austria}} |{{flagcountry|Belgium|state}} |{{flagcountry|Bulgaria}} |{{flagcountry|Croatia}} |{{flagcountry|Cyprus}} |{{flagcountry|Czech Republic}} |{{flagcountry|Denmark}} |{{flagcountry|Estonia}} |{{flagcountry|Finland}} |{{flagcountry|France}} |{{flagcountry|Germany}} |{{flagcountry|Greece}} |{{flagcountry|Hungary}} |{{flagcountry|Iceland}} |{{flagcountry|Ireland}} |{{flagcountry|Italy}} |{{flagcountry|Latvia}} |{{flagcountry|Liechtenstein}} |{{flagcountry|Lithuania}} |{{flagcountry|Luxembourg}} |{{flagcountry|Malta}} |{{flagcountry|Moldova}} |{{flagcountry|Monaco}} |{{flagcountry|Montenegro}} | {{flagcountry|Netherlands}} |{{flagcountry|North Macedonia}} |{{flagcountry|Norway}} |{{flagcountry|Poland}} |{{flagcountry|Portugal}} |{{flagcountry|Romania}} |{{flagcountry|San Marino}} | {{flagcountry|Serbia}} | {{flagcountry|Slovakia}} |{{flagcountry|Slovenia}} |{{flagcountry|Spain}} |{{flagcountry|Sweden}} |{{flagcountry|Switzerland}} |{{flagcountry|United Kingdom}} |{{flagcountry|Vatican City}} }} | membership_type = Participants | org_type = Uniform pan-European financial transactions framework | leader_title1 = Public regulator | leader_name1 = Euro Retail Payments Board | leader_title2 = Private regulator | leader_name2 = European Payments Council | currency = Euro (€) }}
The '''Single Euro Payments Area''' ('''SEPA''') is a payment integration initiative of the European Union for simplification of bank transfers denominated in euros. {{As of|2025}}, there were 41 members in SEPA,<ref name=MolandNorthMa/><ref name="auto">{{Cite journal|url=https://www.ecb.europa.eu/paym/integration/retail/sepa/html/index.en.html|title=SEPA|date=21 January 2020|website=European Central Bank}}</ref> consisting of the 27 member states of the European Union, the four member states of the European Free Trade Association (Iceland, Liechtenstein, Norway and Switzerland), the United Kingdom, as well as five EU candidate countries.<ref name="ReferenceA"/><ref name="europeanpaymentscouncil.eu">{{Cite web|url=https://www.b2bpay.co/sepa-countries|title=List of SEPA countries {Updated 2020 version}|date=7 December 2015|website=B2B Pay powered by Barclays}}</ref><ref name="auto"/> Some microstates participate in the technical schemes: Andorra,<ref>{{Cite web|url=https://all-andorra.com/andorra-becomes-a-member-of-the-single-euro-payments-area-sepa/|title=Andorra becomes a member of the Single euro payments area (SEPA) • All PYRENEES · France, Spain, Andorra|date=23 June 2018}}</ref> Monaco, San Marino, and Vatican City.<ref name="ReferenceA">{{Cite web|url=https://www.europeanpaymentscouncil.eu/news-insights/news/extension-geographical-scope-sepa-schemes-march-2019|title=Extension of the geographical scope of SEPA schemes in March 2019|website=European Payments Council|url-status=dead|archive-url=https://web.archive.org/web/20220810072459/https://www.europeanpaymentscouncil.eu/news-insights/news/extension-geographical-scope-sepa-schemes-march-2019|archive-date=10 August 2022}}</ref> As of 2025, Albania, Moldova, Montenegro, North Macedonia and Serbia are the five countries negotiating to join the EU that are included in SEPA.<ref name=MolandNorthMa/>
SEPA covers predominantly normal bank transfers. Payment methods which have additional optional features or services, such as mobile phone or smart card payment systems, are not directly covered.<ref>{{CELEX|id=32012R0260|text=Regulation (EU) No 260/2012 of the European Parliament and of the Council of 14 March 2012 establishing technical and business requirements for credit transfers and direct debits in euro and amending Regulation (EC) No 924/2009}}: article 1 point 3</ref> However, the instant SEPA payment scheme facilitates payment products also on smart devices.<ref>{{cite web|url=https://www.ecb.europa.eu/paym/retpaym/instant/html/index.en.html |title=Instant payments (section "For consumers") |date=30 May 2023 |publisher=Euro Retail Payments Board (ERPB)}}</ref>
== Goals == The aim of SEPA as stated in 2008 was to improve the efficiency of cross-border payments and turn the previously fragmented national markets for euro payments into a single domestic one. SEPA would enable customers to make cashless euro payments to any account located anywhere in the area, using a single bank account and a single set of payment instruments.<ref>{{ cite web| title = Solution: SEPA, the single euro payments area| publisher=European Central Bank| url = http://www.ecb.europa.eu/paym/sepa/about/solution/html/index.en.html| access-date =28 January 2008 |archive-url = https://web.archive.org/web/20080320033946/http://www.ecb.europa.eu/paym/sepa/about/solution/html/index.en.html <!-- Bot retrieved archive --> |archive-date = 20 March 2008}}</ref> People who have a bank account in a eurozone country can use it to receive salaries and make payments all over the eurozone, for example when they take a job in a new country.
The project includes the development of common financial instruments, standards, procedures, and infrastructure to enable economies of scale. {{as of|2007}}, it was estimated this could reduce the overall cost to the European economy of moving capital around the region by up to 2–3% of total GDP).<ref name=rte20070327>{{ cite news | title = Agreement reached on cross-border banking| publisher=RTÉ News| date = 27 March 2007| url = http://www.rte.ie/news/2007/0327/banking.html| access-date =28 January 2008}}</ref>{{update inline|date=August 2019}}
SEPA does not cover payments in currencies other than the euro. This means that domestic payments in SEPA countries not using the euro will continue to use local schemes, but cross-border payments will use SEPA and the euro with eurozone countries to a high degree.
The Nordic countries (other than Finland) do not use the euro and have no plans to adopt the euro. These four countries (Sweden, Denmark, Norway, and Iceland) started initiatives during 2017–2019 for simpler, faster, and cheaper cross-border payments between one another. These initiatives have however not{{according to whom|date=November 2024}} been successful.<ref>{{Cite web | title=P27 Nordic Payments | url=https://nordicpayments.eu/ | archive-url=https://web.archive.org/web/20191211171352/https://nordicpayments.eu/ | access-date=2024-12-28 | archive-date=2019-12-11}}</ref>
== Schemes ==
The different functionalities provided by SEPA are divided into separate payment schemes.
=== SEPA Credit Transfer === SEPA Credit Transfer (''SCT'') allows for the transfer of funds from one bank account to another. SEPA clearing rules require that payments made before the cutoff point on a working day be credited to the recipient's account by the next working day. The scheme was introduced in January 2008. In February 2014 it replaced the national credit transfer schemes, and later made the use of International Bank Account Number mandatory for transfers.<ref>{{Cite web |title=SEPA Credit Transfer |url=https://www.bundesbank.de/en/tasks/payment-systems/services/sepa/content/sepa-credit-transfer-626664 |access-date=2024-07-27 |website=www.bundesbank.de |language=en}}</ref>
=== SEPA Instant Credit Transfer === SEPA Instant Credit Transfer (''SCT Inst''), also called SEPA Instant Payment,<ref>{{Cite web|url=https://www.forbes.com/sites/tomgroenfeldt/2018/10/10/payments-are-moving-to-real-time-around-the-world-the-u-s-plays-catch-up/|title=Payments Are Moving To Real-Time Around The World, The U.S. Plays Catch-Up|last=Groenfeldt|first=Tom|website=Forbes|language=en|access-date=2018-12-07|quote= The use of credit cards isn’t as prevalent in Europe where retailers are using the SEPA instant payment scheme.}}</ref> provides for instant crediting of a payee, the delay being less than ten seconds, initially, with a maximum of twenty seconds in exceptional circumstances.<ref>{{Cite web |url=https://www.ebaclearing.eu/services/instant-payments/introduction/ |title=Introduction |access-date=13 August 2017 |archive-date=26 April 2019 |archive-url=https://web.archive.org/web/20190426075256/https://www.ebaclearing.eu/services/instant-payments/introduction/ |url-status=dead }}</ref> This scheme was launched in November 2017, and was at that time operational for end customers in eight Eurozone countries.<ref>{{Cite web|url=https://www.europeanpaymentscouncil.eu/sites/default/files/kb/file/2017-11/EPC232-17_SCT%20Inst%20press%20kit_November%202017_FINAL.pdf|title=Launch of the SEPA Instant Credit Transfer scheme}}</ref> As of 2024, not all banks offer their customers instant transfers; however, in March 2024 the EU adopted the ''Instant Payments Regulation'' which requires all banks to offer instant transfers from January 2025 (incoming transfers) / October 2025 (outgoing transfers).<ref>{{CELEX|id=32024R0886|text=Regulation (EU) 2024/886 of the European Parliament and of the Council of 13 March 2024 amending Regulations (EU) No 260/2012 and (EU) 2021/1230 and Directives 98/26/EC and (EU) 2015/2366 as regards instant credit transfers in euro}}</ref>
=== Direct debit === Direct debit functionality is provided by two separate schemes. The basic scheme, ''Core SDD'', is primarily targeted at consumers and was launched on 2 November 2009.<ref name="dd-launch"/> Banks offering SEPA payments are obliged to participate in this scheme.<ref name="dd-difference">{{Cite web|url=https://www.sepaforcorporates.com/sepa-direct-debits/difference-between-sepa-core-and-b2b-schemes/|title=Difference between SEPA Core and B2B|date=1 March 2013}}</ref> A second scheme, ''B2B SDD'', is targeted towards business users. Banks offering SEPA payments are not obliged to participate in this scheme (participation is optional).<ref name="dd-difference" /> Among the differences with respect to ''Core SDD'':<ref name="dd-difference"/>
* It requires a mandate to be submitted to the bank by both the creditor and debtor. * It does not allow the debtor to request a refund from its bank after its account has been debited.
== Coverage == SEPA consists of 41 countries:<ref name="europeanpaymentscouncil.eu"/><ref>{{Cite web |title=SEPA IBAN and countries |url=https://narvi.com/solutions/sepa-euro-iban |access-date=2022-12-30 |website=narvi.com}}</ref>
* The 27 member states of the European Union, including ** the 21 states that are in the Eurozone: ***Austria, Belgium, Bulgaria, Croatia, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, Spain ** the 6 states that are not in the Eurozone: ***the Czech Republic, Denmark, Hungary, Poland, Romania, Sweden. * The four member states of the European Free Trade Association ** the three states having signed the European Economic Area agreement: ***Iceland, Liechtenstein, Norway. ** the one EFTA member that has not joined the EEA, but instead has a series of bilateral agreements with the EU: ***Switzerland. *Four microstates which have monetary agreements with the EU: ** Andorra,<ref name="ReferenceA"/> Monaco, San Marino, Vatican City.<ref name="ReferenceA"/><ref>{{Cite web|url=https://press.vatican.va/content/salastampa/it/bollettino/pubblico/2018/11/30/0885/01934.html|title=Comunicato della Sala Stampa della Santa Sede|website=press.vatican.va}}</ref> *Five countries currently in the negotiating phase of the European Union Accession: ** Albania,<ref>{{Cite web|url=https://www.europeanpaymentscouncil.eu/document-library/press-releases/albania-now-part-sepa-payment-schemes-geographical-scope|title=Albania is now part of the SEPA payment schemes’ geographical scope | European Payments Council|website=www.europeanpaymentscouncil.eu}}</ref> Montenegro,<ref>{{Cite web|url=https://www.europeanpaymentscouncil.eu/document-library/press-releases/montenegro-now-part-sepa-payment-schemes-geographical-scope|title=Montenegro is now part of the SEPA payment schemes’ geographical scope | European Payments Council|website=www.europeanpaymentscouncil.eu}}</ref> Moldova,<ref>{{Cite web|url=https://www.europeanpaymentscouncil.eu/document-library/press-releases/moldova-now-part-sepa-payment-schemes-geographical-scope|title=Moldova is now part of the SEPA payment schemes' geographical scope | European Payments Council|website=www.europeanpaymentscouncil.eu}}</ref> North Macedonia,<ref>{{Cite web|url=https://www.europeanpaymentscouncil.eu/document-library/press-releases/republic-north-macedonia-now-part-sepa-payment-schemes-geographical|title=The Republic of North Macedonia is now part of the SEPA payment schemes' geographical scope | European Payments Council|website=www.europeanpaymentscouncil.eu}}</ref> Serbia.<ref name="Serbia">{{ cite web|url=https://enlargement.ec.europa.eu/news/european-commission-welcomes-inclusion-serbia-single-euro-payments-area-2025-05-22_en |title=European Commission welcomes inclusion of Serbia in the Single Euro Payments Area |date=May 22, 2025 |access-date=May 22, 2025}}</ref> * The United Kingdom, which has withdrawn from the European Union but participates in SEPA payment schemes, albeit with the requirement of the BIC (Swift) number.<ref name=epc-brexit/> ** Gibraltar and the Crown dependencies (Guernsey, Jersey and the Isle of Man) are part of SEPA.
All parts of a country are normally part of SEPA. However, the following countries have special territories which are not part of SEPA:<ref name="SEB" />
* Cyprus: Northern Cyprus is excluded. * Denmark: the Faroe Islands and Greenland are excluded. * France: the French Southern and Antarctic Lands, French Polynesia, New Caledonia and Wallis and Futuna are excluded. Nevertheless, the latter three are part of SEPA COM Pacifique. * Netherlands: Aruba, the Caribbean Netherlands, Curaçao and Sint Maarten are excluded. * Norway: Svalbard and Jan Mayen are excluded. * Serbia: Autonomous Province of Kosovo and Metohija is excluded. * United Kingdom: British Overseas Territories are excluded,<ref name=SEB>{{cite web|url=http://taz.vv.sebank.se/cgi-bin/pts3/mc1/MB/mblib.nsf/a-w/38F785899C2DC593C1257B5600445E72/%24FILE/The_Boundaries_of_SEPA_land.pdf |title=The Boundaries of SEPA-land |date=9 April 2013 |publisher=Skandinaviska Enskilda Banken |access-date=26 June 2013 |url-status=dead |archive-url=https://web.archive.org/web/20130626183755/http://taz.vv.sebank.se/cgi-bin/pts3/mc1/MB/mblib.nsf/a-w/38F785899C2DC593C1257B5600445E72/%24FILE/The_Boundaries_of_SEPA_land.pdf |archive-date=26 June 2013 }}</ref> except for Gibraltar and the Crown dependencies.
Jurisdictions using the euro that are not in SEPA: Akrotiri and Dhekelia, French Southern and Antarctic Lands and Kosovo.
Jurisdictions in Europe not formally belonging to SEPA normally use SEPA schemes anyway for international euro payments, especially to or from the eurozone, with exceptions such as fees charged and BIC required.
=== Enlargement ===
Several EU applicant states have expressed interest in applying to join SEPA. Bosnia and Herzegovina intends to file an application sometime in early 2026.<ref>{{Cite web|url=https://seenews.com/news/bosnia-eyes-sepa-membership-application-in-early-2026-report-1283383|title = Bosnia eyes SEPA membership application in early 2026 - report| website=SeeNews |date=2025-10-16|access-date=2026-01-01}}</ref> Kosovo intends to apply after passing necessary legislation.<ref>{{Cite web|url=https://balkaninsight.com/2025/11/18/kosovo-paying-high-price-for-delay-in-joining-single-euro-payment-area/|title = Kosovo Paying High Price for Delay in Joining Single Euro Payment Area|date=2025-11-18|access-date=2026-01-01}}</ref> Ukraine as of December 2025 is working on legislation to align Ukrainian law with SEPA standards.<ref>{{Cite web|url=https://newsukraine.rbc.ua/news/ukraine-moves-closer-to-sepa-as-government-1766011797.html|title = Ukraine moves closer to SEPA as government approves package of measures|date=2025-12-18|access-date=2026-01-01}}</ref> In February 2026, Turkey was offered membership in SEPA by European Commissioner for Enlargement Marta Kos.<ref>{{cite news |title=EU pitched for Turkey to join its payments system, envoy says |url=https://www.reuters.com/business/finance/eu-pitched-turkey-join-its-payments-system-envoy-says-2026-03-19/ |work=Reuters |date=19 March 2026 |access-date=19 March 2026}}</ref>
== Charges == SEPA guarantees that euro payments are received within a guaranteed time, and banks are not allowed to make any deductions of the amount transferred, introduced by a regulation in 2001.<ref>[http://europa.eu/rapid/press-release_MEMO-14-502_en.htm Single Euro Payments Area (SEPA) – frequently asked questions]. Brussels, 31 July 2014.</ref> Banks and payment institutions still have the option of charging a credit-transfer fee of their choice for euro transfers if it is charged uniformly to all EEA participants, banks or payment institutions, domestic or foreign.<ref name="reg-2560-2001">{{CELEX|id=32001R2560|text=Regulation (EC) No 2560/2001 of the European Parliament and of the Council of 19 December 2001 on cross-border payments in euro}}</ref> This is relevant for countries which do not use the euro; where domestic transfers in euros by consumers are uncommon,{{clarify|date=August 2019}} and inflated fees for euro transfers might be charged in these states. Sweden and Denmark have legislated that euro transfers shall be charged the same as transfers in their own currency; which has the effect of giving free euro ATM withdrawals, but charges for ATM withdrawals in other currencies used in the EU.
In regulation (EC) 924/2009 (the Cross-border Payments Regulation), the European Parliament mandated that charges in respect of cross-border payments in euros (of up to EUR 50,000) between EU member states shall be the same as the charges for corresponding payments within the member state.<ref>[http://ec.europa.eu/internal_market/payments/crossborder/ Cross-border payments in euro: Regulation on equality of charges, European Commission] European Commission, 19 September 2013</ref><ref>{{CELEX|id=32009R0924|text=Regulation (EC) No 924/2009 of the European Parliament and of the Council of 16 September 2009 on cross-border payments in the Community and repealing Regulation (EC) No 2560/2001}}</ref> However, the EU Regulation does not apply to all SEPA countries; the most significant difference is the inclusion of Switzerland in SEPA but not the EU. The rule of the same price applies even if the transaction is sent as an international transaction instead of a SEPA transaction (common before 2008, or if any involved bank does not support SEPA transactions). Regulation 924/2009 does not regulate charges for currency conversion so charges for non-euro transactions can still be applied (if not banned by national law).<ref>[http://ec.europa.eu/internal_market/payments/docs/reg-924_2009/faq-924-2009_en.pdf Regulation (EC) No 924/2009 ... Frequently Asked Questions (FAQ)] (see point 9)</ref>
==History== There were two milestones in the establishment of SEPA: * Pan-European payment instruments for credit transfers began on 28 January 2008; direct debits and debit cards became available in November 2009.<ref name="dd-launch" /> * By the end of 2010, all former national payment infrastructures and payment processors were expected to be in full competition to increase efficiency through consolidation and economies of scale.
For direct debits, the first milestone was missed due to a delay in the implementation of enabling legislation (the Payment Services Directive or PSD) in the European Parliament. Direct debits became available in November 2009, which put time pressure on the second milestone.<ref>{{ cite press release|url=http://europa.eu/rapid/pressReleasesAction.do?reference=IP/07/550&format=HTM |title=Joint statement by the European Commission and the European Central Bank welcoming the European Parliament's adoption of the Payment Services Directive |work=Europa (web portal) |publisher=European Union |date=24 April 2007 |access-date=26 April 2011 |archive-url=https://web.archive.org/web/20110519101011/http://europa.eu/rapid/pressReleasesAction.do?reference=IP%2F07%2F550&format=HTM |archive-date=19 May 2011 |url-status=dead }}</ref>
The European Commission has established the legal foundation through the PSD. The commercial and technical frameworks for payment instruments were developed by the European Payments Council (EPC), made up of European banks. The EPC is committed to delivering three pan-European payment instruments: * Credit transfers: ''SCT – SEPA Credit Transfer'' * Direct debits: ''SDD – SEPA Direct Debit''. Banks began offering this service on 2 November 2009.<ref name="dd-launch">[http://europa.eu/rapid/pressReleasesAction.do?reference=IP/09/1665&format=HTML&aged=0&language=EN&guiLanguage=fr EUROPA – Press Releases – Single Euro Payments Area (SEPA): cross-border direct debits now a reality] EUROPA (European Union), 3 November 2009; Retrieved 4 February 2011</ref> * Cards: ''SEPA Cards Framework''
To provide end-to-end automated direct payment processing for SEPA-clearing, the EPC committed to delivering technical validation subsets of ISO 20022. Whereas bank-to-bank messages (pacs) are mandatory for use, customer-to-bank payment initialization (PAIN) message types are not; however, they are strongly recommended. Because there is room for interpretation, it is expected that several PAIN specifications will be published in SEPA countries.
Businesses, merchants, consumers and governments are also interested in the development of SEPA. The European Associations of Corporate Treasurers (EACT), TWIST, the European Central Bank, the European Commission, the European Payments Council, the European Automated Clearing House Association (EACHA), payments processors and pan-European banking associations – European Banking Federation (EBF), European Association of Co-operative Banks (EACB) and the European Savings Banks Group (ESBG) – are playing an active role in defining the services which SEPA will deliver.
Since January 2008, banks have been switching customers to the new payment instruments. By 2010, the majority were expected to be on the SEPA framework. As a result, banks throughout the SEPA area (not just the Eurozone) need to invest in technology with the capacity to support SEPA payment instruments.
SEPA clearance is based on International Bank Account Numbers (IBAN). Domestic euro transactions are routed by IBAN; earlier national-designation schemes were abolished by February 2014 (with delays in some countries), providing uniform access to the new payment instruments. Since February 2016 Eurozone payment system users no longer require BIC sorting information for SEPA transactions; it is automatically derived from the IBAN for all banks in the SEPA area.
An instant 24/7/365 payment scheme named SCT Inst went live on 21 November 2017 allowing instant payment 24 hours a day and 365 days a year.<ref>{{cite web |url=https://www.ebaclearing.eu/news-and-events/media/press-releases/21-november-2017-successful-go-live-for-eba-clearings-instant-payment-system-rt1/ |title=Successful go-live for EBA CLEARING's instant payment system RT1 |date=21 November 2017 |website=ebaclearing.eu |access-date=2 September 2018}}</ref> The participating banks will handle the user interface and security, like for existing SEPA payments, e.g. web sites and mobile apps.<ref>{{cite web|url=https://www.ecb.europa.eu/paym/retpaym/instant/html/index.en.html |title=Instant payments |date=30 May 2023 |publisher=Euro Retail Payments Board (ERPB)}}</ref>
=== Key dates === {{prose|section|date=November 2020}}
{| class="wikitable" |- ! 1957 | Treaty of Rome creates the European Community. |- ! 1992 | Maastricht Treaty creates the euro. |- ! 1999 | Introduction of the euro as an electronic currency, including introduction of the RTGS system TARGET for large-value transfers. |- ! 2000 | Lisbon Strategy: Meeting creates European Financial Services Action Plan. |- ! 2001 | EC Regulation 2560/2001 harmonises fees for cross-border and domestic euro transactions.<ref name="reg-2560-2001"/> |- ! 2002 | Introduction of Euro banknotes and coins. |- ! 2003 | First Pan-European Automated Clearing House (PE-ACH) goes live; EC Regulation 2560/2001 comes into force for transactions up to €12,500. |- ! 2006 | EC Regulation 2560/2001 increases ceiling on same-price euro transactions to €50,000. |- ! 2008 | SEPA pan-European payment instruments become operational (parallel to domestic instruments) on 28 January<ref>{{ cite web|url=http://www.euractiv.com/en/financial-services/single-euro-payments-area-kicks/article-169861 |title=Single Euro Payments Area kicks in, EU – European Information on Financial Services |publisher=EurActiv.com |date=28 January 2008 |access-date=26 April 2011}}</ref> |- ! 2009 | Payment Services Directive (PSD) enacted in national laws by November. |- ! 2010 | SEPA payments become dominant form of electronic payments. |- ! 2011 | SEPA payments replace national payments in the Eurozone. |- ! 2014 | 1 August: Single Euro Payments Area (SEPA) becomes fully operational in all Eurozone countries.<ref>[http://europa.eu/rapid/press-release_STATEMENT-14-246_en.htm Vice-President Michel Barnier welcomes major milestone for the internal payments market with the migration to SEPA (Single Euro Payments Area)]. Brussels, 1 August 2014.</ref> |- ! 2016 | Since 31 October 2016, payment service providers (PSPs) in non-euro countries are only able to collect euro-denominated payments using SEPA procedures. Non-euro schemes, such as the UK's Direct Debit, continue without change.<ref>{{cite web|title=Migrating to the Single Euro Payments Area: key facts|url=https://www.ecb.europa.eu/paym/retpaym/paymint/migration/html/index.en.html|publisher=European Central Bank|access-date=15 August 2016}}</ref> |- ! 2017 | Since 21 November 2017, instant SEPA payments of up to 15,000 euros within 10 seconds become available (optional participation for PSPs).<ref>{{cite web |url=https://www.europeanpaymentscouncil.eu/sites/default/files/KB/files/EPC278-16_Infographic_SCT%20Inst_Nov%202016_FINAL.pdf |title=Launch of the SEPA Instant Credit Transfer scheme |author=<!--Not stated--> |publisher=European Payments Council |access-date=2020-12-09 }}</ref> |- ! 2019 | On 1 March 2019 Andorra and Vatican City join SEPA. |- ! 2021 | On 1 January 2021 the United Kingdom leaves the EU but remains in SEPA payment schemes, subject to different rules.<ref name=epc-brexit /> |- ! 2023 | On 8 November 2023, the European Commission adopted a new Growth Plan for the Western Balkans, with the aim of bringing them closer to the EU through offering some of the benefits of EU membership to the region in advance of accession. One of the priority actions is access to the Single Euro Payments Area (SEPA).<ref>{{ cite web|url=https://neighbourhood-enlargement.ec.europa.eu/enlargement-policy/new-growth-plan-western-balkans_en |title=New Growth Plan for the Western Balkans |publisher=European Neighbourhood Policy and Enlargement Negotiations (DG NEAR) |date=8 November 2023 |access-date=19 June 2024}}</ref> |- ! 2024 | On 30 January 2024, the National Bank of Moldova submitted an application for membership in SEPA.<ref>{{cite news|url=https://www.rferl.org/a/moldova-applies-sepa-bank/32798023.html |title='Historic Day': Moldova Applies To Join Single European Payments System |newspaper=Radiofreeeurope/Radioliberty |publisher=Radio Free Europe}}</ref> Moldova's National Bank Governor expected the application and evaluation stage to take a year. |- ! 2024 | On 12 June 2024, the National Bank of Albania signs the official application for membership in SEPA.<ref>{{ cite web|url=https://www.bankofalbania.org/Press/Press_Releases/Bank_of_Albania_signs_the_official_application_for_membership_in_SEPA.html#:~:text=On%2012%20June%202024%2C%20the,system%20and%20all%20Albanian%20citizens|title=Draft Bank of Albania signs the official application for membership in SEPA |publisher=The National Bank of Albania |date=13 June 2024 |access-date=13 June 2024}}</ref> |- ! 2024 | On 17 June 2024, the National Bank of Serbia publishes the draft version of the decision for accessing SEPA.<ref>{{ cite web|url=https://nbs.rs/sr_RS/drugi-nivo-navigacije/propisi/nacrti/ |title=Draft Decision on special rules for the execution of authorization transfers and direct debits in euros |publisher=National bank of Serbia |date=17 June 2024 |access-date=19 June 2024}}</ref> |- !2024 |On 1 July 2024, the Central Bank of Montenegro submitted an application for membership in SEPA.<ref>{{Cite web |date=1 July 2024 |title=Montenegro submitted an application for membership in the SEPA: A step towards less costly and faster cross-border payments for citizens and the economy |url=https://www.cbcg.me/en/public-relations/news/press-releases/montenegro-submitted-an-application-for-membership-in-the-sepa-a-step-towards-less-costly-and-faster-crossborder-payments-for-citizens-and-the-economy |access-date=24 October 2024 |website=Central Bank of Montenegro}}</ref> |- ! 2024 | On 11 July 2024, the National Bank of North Macedonia submitted an application for membership in SEPA.<ref>{{ cite web|url=https://www.nbrm.mk/ns-newsarticle-soopstenie-11072024-en.nspx |title=The National Bank submitted an application for membership in SEPA|publisher= National Bank of North Macedonia |date=11 July 2024 |access-date=11 July 2024}}</ref> |- ! 2024 | On 21 November 2024, the European Commission welcomed Albania and Montenegro in SEPA.<ref>{{ cite web|url=https://neighbourhood-enlargement.ec.europa.eu/news/european-commission-welcomes-inclusion-albania-and-montenegro-single-euro-payments-area-2024-11-21_en |title=European Commission welcomes inclusion of Albania and Montenegro in the Single Euro Payments Area|publisher= European Commission |date=21 November 2024 |access-date=21 November 2024}}</ref> |- ! 2025 | On 6 March 2025, the European Commission welcomed Moldova and North Macedonia in SEPA.<ref name=MolandNorthMa>{{ cite web|url=https://enlargement.ec.europa.eu/news/european-commission-welcomes-inclusion-moldova-and-north-macedonia-single-euro-payments-area-2025-03-06_en |title=European Commission welcomes inclusion of Moldova and North Macedonia in the Single Euro Payments Area |date=March 6, 2025 |access-date=March 6, 2025}}</ref> |- ! 2025 | On 22 May 2025, the European Commission welcomed Serbia in SEPA.<ref name="Serbia"/> |- ! 2025 | On 9 October 2025, Euro-area states must implement verification of payee (VoP) for instant payments.<ref name="Instant">{{cite web |title=Instant Payments Regulation |url=https://www.ecb.europa.eu/paym/integration/retail/instant_payments/html/instant_payments_regulation.en.html |publisher=European Central Bank |access-date=28 July 2025 |language=en-EU |date=20 September 2024}}</ref> |}
=== Uptake === As of August 2014, 99.4% of credit transfers,{{clarify|date=August 2019}}<!-- Is this bank account to bank account or credit card transactions? --> 99.9% of direct debit, and 79.2% of card payments have been migrated to SEPA in the euro area.<ref>ECB. [https://www.ecb.europa.eu/paym/retpaym/paymint/html/index.en.html Key figures]: [https://www.ecb.europa.eu/paym/retpaym/paymint/indicators/html/index.en.html SEPA indicators] at a glance (euro area).</ref>
The official progress report was published in March 2013.<ref>{{ cite web|url=http://www.ecb.europa.eu/pub/pdf/other/sepamigrationreport201303en.pdf |title=Quantitative indicators |publisher=European Central Bank |date=March 2013 |access-date=26 May 2013}}</ref>
In October 2010, the European Central Bank published its seventh progress report on SEPA.<ref>{{ cite web|url=http://www.ecb.europa.eu/pub/pdf/other/singleeuropaymentsarea201010en.pdf |title=Single Euro Payments Area Seventh Progress Report: Beyond Theory into Practice |publisher=European Central Bank |date=October 2010 |access-date=26 May 2013}}</ref> The European Central Bank regards SEPA as an essential element to advance the usability and maturity of the euro.
== See also ==
* {{annotated link|Creditor Reference}} * {{annotated link|European Payments Union}} * {{annotated link|European Union law}} * {{annotated link|FedNow}} * {{annotated link|Giro (banking)}} * {{annotated link|Instrument in Support of Trade Exchanges}} * {{annotated link|ISO 20022}} * {{annotated link|Payment Services Directive}} * {{annotated link|Society for Worldwide Interbank Financial Telecommunication}} * {{annotated link|SPFS}}
== References == {{reflist}}
== External links ==
* [https://www.europeanpaymentscouncil.eu/ European Payments Council] {{Authority control}} * [https://www.monvenience.com/sepa-swift.html SEPA VS SWIFT: UNDERSTANDING INTERNATIONAL MONEY TRANSFERS]
Category:Banking in the European Union Category:European Economic Area Category:European Union financial market policy Category:Payment systems