SEPA
Business & Finance abbreviation · Banking
| Stands for | Single Euro Payments Area |
|---|---|
| Categories | Business & Finance |
SEPA stands for Single Euro Payments Area, a banking abbreviation.
European scheme that lets people and businesses make euro credit transfers and direct debits across more than 35 countries under the same rules, costs and timescales as domestic payments. It covers the EU and the wider European Economic Area as well as the UK, Switzerland and several other countries.
Example: Since both accounts are in SEPA, the euro transfer to Lisbon arrives the next business day with no extra fee.
Usage notes
SEPA instant credit transfers settle within 10 seconds, and a 2024 EU regulation requires banks offering euro transfers to provide instant ones at no higher price. SEPA payments need only the payee's IBAN. The scheme covers euro payments only, even in member countries with their own currencies.
Related abbreviations
More banking abbreviations
- RTP – Real-Time Payments
- RWA – Risk-weighted assets
- S&L – Savings and loan association
- SAR – Suspicious activity report
- SBLC – Standby letter of credit
- SCA – Strong customer authentication
- SIFI – Systemically important financial institution
- SLR – Statutory liquidity ratio
- SO – Standing order
- SWIFT – Society for Worldwide Interbank Financial Telecommunication
- TT – Telegraphic transfer
- UBO – Ultimate beneficial owner