The SEPA project aims to enable the execution of cashless payments from a single payment account and under the same conditions throughout Europe, irrespective of the SEPA country in which one is located.
By facilitating cross-border transactions, the SEPA project will thus further European financial and monetary integration. Standardised payment instruments will make payments more efficient and harmonise the handling of international and national payment orders.
To achieve this objective, the banking industry has established new rules for credit transfers and direct debits. These new payment instruments will be used under the same conditions for both national and cross-border payments throughout the SEPA area. They will be handled at the European level by interoperable infrastructures.
The payment card is a modern, efficient and safe payment instrument that is highly appreciated by users. The objective of the SEPA project for cards is to make cards as easy to use across SEPA area countries as they currently are in users’ home countries, particularly by improving the interoperability of current card schemes.
