SEPA Training
The Single Euro Payments Area (SEPA) is a European commission initiative. It refers to an area in which organisations and individuals can make and receive electronic payments in euros under the same basic conditions. SEPA includes the 27 member states of the European Union, Iceland, Norway, Switzerland and Monaco.
In simple terms, SEPA is an initiative that aims to bring national payments markets together as one European market. As a result, cross-border transactions in euros will function in the same way as domestic transactions.
Essentially, SEPA will act as one domestic payments market, supported by the Payments Services Directive (PSD), which provides the legal framework. In the same way that the UK has Direct Debit and Direct Credit, SEPA will have SEPA Direct Debit (SDD) and SEPA Credit Transfer (SCT).
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