European payments (SEPA)

The realization of a single uniform European payment market (SEPA or Single Euro Payments Area) led to standardization of all euro payments in Europe

Because of SEPA there is no longer any difference between a domestic payment and a euro payment from or to other European countries. For this it is necessary that all national payment systems and infrastructures comply with the same European standards.

In addition, the rights and obligations for providers and users of the giro-based payments system are laid down in a European SEPA Regulation. The European Payments Council (EPC) publishes monthly on its website an overview of all banks that participate in giro-based payments in the European payment market. The overview shows which banks participate in SEPA Credit Transfer, SEPA Direct Debit Core, and SEPA Direct Debit Business-to-Business.

Uniform and transparent

Giro-based payments, both for credit transfers and direct debits in euros, have become more uniform and transparent. In addition, the distinction between domestic and cross-border payment transactions in euros has expired.

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