SEPA (Single Payment Area in EUR)
Single payment area in euros (EZPE; Single Euro Payments Area (SEPA) is a single zone in which the differences between domestic and international payments in euros are completely eliminated. The first SEPA-related changes took effect on January 28, 2008.
The goal of creating the project is to improve the efficiency of interstate payments and unite the national markets of different countries into a single home market. A single payment zone in euros will allow users to make currency-free transactions in euros to any other user located anywhere in this zone using a single bank account and a single set of payment tools.
32 EHPE member countries
Additional savings are achieved due to the obligation of banks to credit SEPA payments in full to the recipient's account and without any fees. Payments shall be made no later than 1 business day after their execution.
The project includes the creation of common financial instruments, standards, procedures and infrastructure to ensure an economy on the scale of all participating countries. The result of the introduction of a single payment zone in euros should be a decrease in the total cost of moving capital in the European economy (2-3% of the total GDP).
| The site content is translated by machine translation software powered by PROMT. The machine-translated articles are not always perfect and may contain errors in vocabulary, syntax or grammar. Read original article If you find inaccuracies or errors in the results of machine translation, please write to editor@tadviser.ru. We will make every effort to correct them as soon as possible. |