Is an EU integration initiative aimed at consolidation of the payments market within Europe.
SEPA functions as an overall framework which is aiming at the consolidation of the payments market in Europe. It has total 34 members including 28 member states of the EU and additionally Iceland, Lichtenstein, Norway, Monaco, San Marino, and Switzerland.
SEPA works by establishing the overall framework for participating countries which helps to consolidate and make unified rules in regard to Financial market. It allows making expediate cashless euro payments to any account within the SEPA. This project includes the development of common financial instruments, standards, procedures, and infrastructure to enable economic prosperity. As well, SEPA has following Clearing Systems: SEPA Direct Debits, SEPA Credit Transfer, SEPA Instant Credit Transfer (all of which are based on the EBA Clearing Systems).