Short for Single Euro Payment Area. In addition to the 28 EU Member States, the Single Euro Payments Area also includes Iceland, Liechtenstein, Norway, Monaco and Switzerland. In the SEPA area, standardized procedures are offered throughout Europe for cashless payments by bank transfer, Direct debit or card payment. SEPA payments can only be processed in euros. If the payment accounts addressed are held in a different currency, the account-holding payment service provider must perform a conversion.
