SEPA

SEPA is the Single Euro Payment Area set up by European institutions in 2002 to simplify and harmonize payment procedures in Europe. SEPA members can make national or cross-border transfers and direct debits in any of the 36 SEPA member countries in less than 48 hours.

What is SEPA?

Related definitions

SEPA zone

The SEPA comprises 36 member countries: the 28 countries of the European Union, the 5 European micro-states, …

XML

XML, for eXtensible Markup Language, is a computer language used to structure and hierarchize data using tags, to facilitate…

BIC

The BIC (Bank Identifier Code) is used to identify a financial institution in any international financial transaction. Each financial institution…

PSD2

PSD2 is a directive introduced by the European Parliament to harmonize payment regulations within the European Union.

ISO 20022

International standard used for the exchange of financial data (payments, direct debits) between companies and banks, or between financial institutions.

ECB

The European Central Bank (ECB) is the European Union’s main monetary institution.

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