Elements

SEPA aims to create a common set of payment instruments for transactions denominated in euro. It necessitates the use of common technical standards and business models, as well as a common legal basis and contractual frameworks. SEPA also requires efficient, competing clearing and settlement infrastructures capable of handling the common schemes (see Stakeholders: Providers – Infrastructures). Competing services capable of satisfying user expectations that are continuously improved and developed in the future ensure that SEPA evolves further, according to market needs (innovation).