Single Euro Payments Area (SEPA)
Thanks to the Single Euro Payments Area (SEPA), customers can now make cashless euro payments – via credit transfer and direct debit – to anywhere in the European Union, as well as a number of non-EU countries, in a fast, safe and efficient way, just like national payments. SEPA was introduced for credit transfers in 2008, followed by direct debits in 2009, and fully implemented by 2014 in the euro area (and by 2016 in non-euro area SEPA countries).
The payment integration triggered by SEPA has contributed to the efficiency and competitiveness of the European economy as a whole by eliminating differences between national and cross-border payments by harmonising standards in all the participating countries. The legal framework for SEPA – which the ECB helped to draw up in close cooperation with the European Commission – is based mainly on the Cross-border payments regulation, the Payment Services Directive (PSD/PSD2), the SEPA migration end-date Regulation, and the Interchange Fee Regulation.
SEPA was launched by the European banking and payments industry with the support of national governments, the European Commission, the Eurosystem, and other public authorities. As SEPA not only harmonised the way non-cash euro payments are conducted, but also completed the introduction of the euro as the single currency, the Eurosystem had a very strong interest in the success of the SEPA project.
Participation
The SEPA region consists of 36 European countries, including several countries which are not part of the euro area or the European Union (status: 1 March 2019).
Interactive map of countries in the Single Euro Payments Area (SEPA)
Andorra
Non-EU SEPA country
Albania
Non-EU non-SEPA country
Austria
EU Member State with the euro as its currency
migration status: COMPLETE
- Waiver until 1 Feb. 2016
- for niche products (image transfer)
- for card payments resulting in a direct debit
- Waiver phase-out status: Fully migrated
Bosnia and Herzegovina
Non-EU non-SEPA country
Belgium
EU Member State with euro as currency
migration status: COMPLETE
Bulgaria
EU Member State with a currency other than the euro
End date for SEPA credit transfers and SEPA direct debits in euro: 31 October 2016
Migration successfully completed.
Switzerland
Non-EU SEPA country
Cyprus
EU Member State with euro as currency
migration status:COMPLETE
- Waiver until 1 Feb. 2016
- for BBAN – IBAN conversion facilities for consumers
- for niche products (business continuity arrangements for credit transfers)
- for delayed usage of standard message format ISO 20022 XML
- for delayed BIC elimination for national payment transactions
- Status of phasing out business continuity arrangements for credit transfers niche product: Fully migrated
- Status of phasing out BBAN – IBAN conversion facilities for consumers and delayed BIC elimination for national payment transactions Waivers: Fully migrated
- Status of phasing out delayed usage of standard message format ISO 20022 XML Waiver: Fully migrated
Czech Republic
EU Member State with a currency other than the euro
End date for SEPA credit transfers and SEPA direct debits in euro: 31 October 2016
Migration successfully completed.
Germany
EU Member State with the euro as its currency
migration status: COMPLETE
- Waiver until 1 Feb. 2016
- for BBAN – IBAN conversion facilities for consumers
- for card payments resulting in a direct debit
- Waiver phase-out status: Fully migrated by 1 February 2016 with no issues
Denmark
EU Member State with a currency other than the euro
End date for SEPA credit transfers and SEPA direct debits in euro: 31 October 2016
Migration successfully completed.
Estonia
EU Member State with euro as currency
migration status: COMPLETE
- Waiver until 1 Feb. 2016
- for BBAN – IBAN conversion facilities for consumers
- for delayed usage of standard message format ISO 20022 XML
- Waiver phase-out status: Fully migrated
Spain
EU Member State with the euro as its currency
migration status: COMPLETE
- Waiver until 1 Feb. 2016
- for BBAN – IBAN conversion facilities for consumers
- for niche products (cuaderno 58 & cuaderno 32)
- for delayed usage of standard message format ISO 20022 XML
- Status of phasing out cuaderno 58 & cuaderno 32 niche products: Fully migrated
- Status of phasing out BBAN – IBAN conversion facilities for consumers and delayed usage of standard message format ISO 20022 XML Waivers: Fully migrated
Finland
EU Member State with the euro as its currency
migration status: COMPLETE
France
EU Member State with the euro as its currency
migration status: COMPLETE
- Waiver until 1 Feb. 2016 for niche products (interbank payment orders & electronic payment orders)
- Status of phasing out “titre interbancaire de paiement” (TIP) niche product: Fully migrated
- Status of phasing out “télérèglement” niche product: Fully migrated
United Kingdom
Non-EU SEPA country
End date for SEPA credit transfers and SEPA direct debits in euro: 31 October 2016
Migration successfully completed.
Greece
EU Member State with the euro as its currency
migration status: COMPLETE
- Waiver until 1 Feb. 2016
- for niche products (non-automatic credit)
- for delayed usage of standard message format ISO 20022 XML
- for delayed BIC elimination for national payment transactions
- Waiver phase-out status: Fully migrated
Croatia
EU Member State with a currency other than the euro
End date for SEPA credit transfers and SEPA direct debits in euro: 31 October 2016
Migration successfully completed.
Hungary
EU Member State with a currency other than the euro
End date for SEPA credit transfers and SEPA direct debits in euro: 31 October 2016
Migration successfully completed.
Ireland
EU Member State with the euro as its currency
migration status: COMPLETE
- Waiver until 1 Feb. 2016 for delayed BIC elimination for national payment transactions
- Waiver phase-out status: Fully migrated
Iceland
Non-EU SEPA country
Italy
EU Member State with the euro as its currency
migration status: COMPLETE
- Waiver until 1 Feb. 2016
- for niche products (RID finanziari & Rid a importo fisso)
- for delayed usage of standard message format ISO 20022 XML
- ISO 20022 XML Waiver phase-out status: Fully migrated
Liechtenstein
Non-EU SEPA country
Lithuania
EU Member State with the euro as its currency
End date for SEPA credit transfers and SEPA direct debits in euro: 1 January 2016
As of Q1 2016 SEPA credit transfer migration is completed.
Luxembourg
EU Member State with the euro as its currency
migration status: COMPLETE
Latvia
EU Member State with the euro as its currency
migration status: COMPLETE
- Waiver until 1 Feb. 2016 for delayed usage of standard message format ISO 20022 XML
- Waiver phase-out status: Fully migrated
Monaco
Non-EU SEPA country
Montenegro
Non-EU non-SEPA country
Macedonia
Non-EU non-SEPA country
Malta
EU Member State with the euro as its currency
migration status: COMPLETE
- Waiver until 1 Feb. 2016 for delayed BIC elimination for national payment transactions
- Waiver phase-out status: Fully migrated
The Netherlands
EU Member State with the euro as its currency
migration status: COMPLETE
- Waiver until 1 Feb. 2016 for niche products (NL direct debit no-refund scheme for lotteries)
- Waiver phase-out status: Fully migrated
Norway
Non-EU SEPA country
Poland
EU Member State with a currency other than the euro
End date for SEPA credit transfers and SEPA direct debits in euro: 31 October 2016
Migration successfully completed.
Portugal
EU Member State with the euro as its currency
migration status: COMPLETE
- Waiver until 1 Feb. 2016
- for BBAN – IBAN conversion facilities for consumers
- for delayed usage of standard message format ISO 20022 XML
- for delayed BIC elimination for national payment transactions
- Waiver phase-out status:
- Status of phasing out BBAN – IBAN conversion facilities Waiver: Fully migrated
- Status of phasing out ISO 20022 XML Waiver: Fully migrated
- Status of phasing out delayed BIC elimination Waiver: Fully migrated
Romania
EU Member State with a currency other than the euro
End date for SEPA credit transfers and SEPA direct debits in euro: 31 October 2016
As of Q2 2016 SEPA credit transfer migration is 45.38% completed and as of Q4 2016 SEPA direct debit migration is 100% completed.
Serbia
Non-EU non-SEPA country
Sweden
EU Member State with a currency other than the euro
End date for SEPA credit transfers and SEPA direct debits in euro: 31 October 2016
As of Q4 2016 SEPA credit transfer migration is 99.00% completed.
Slovenia
EU Member State with the euro as its currency
migration status: COMPLETE
Slovakia
EU Member State with the euro as its currency
migration status: COMPLETE
- Waiver phase-out status: Fully migrated by 1 February 2016 with no issues
San Marino
Non-EU SEPA country
Kosovo
Non-EU non-SEPA country
In addition to the highlighted countries; Andorra, Liechtenstein, Monaco, San Marino, the Vatican City State / Holy See are also part of SEPA.
Facts & figures
| Name | Single Euro Payments Area |
|---|---|
| Implementation year | 2014 for euro area countries 2016 for non-euro area SEPA countries |
| Currency | Euro |
| Cashless payment instruments | Credit transfer, direct debit |
| Speed of processing | No longer than one business day for electronic payment orders; two business days for paper-based payment orders |
| SEPA area | 36 countries (includes some non-euro area and non-EU countries) (status: 1 March 2019) |
| Stakeholders | European banking and payments industry, payment service users, national governments, the European Commission, the Eurosystem, and several other public authorities. |
| The role of the Eurosystem | Catalyst |
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