Through SEPA, consumers may perform cashless Euro payments – via direct debit and credit transfer – to anywhere within the European Union, as well as a number of non-EU countries in a fast, secure, and efficient manner (just like national payments).

SEPA was introduced for credit transfers in 2008, followed by direct debits in 2009, and fully implemented by 2014 in the Euro area (and by 2016 in non-Euro area SEPA countries).

The payment integration triggered by SEPA has enhanced the competitiveness and efficiency of the European economy as a whole through the elimination of differences between national and cross-border payments by way of harmonising standards in all the participating countries.