DEFINITION
Single Euro Payments Area

"Single Euro Payments Area": (SEPA). The area where businesses and individuals will be able to make and receive payments in euro, within Europe, whether between or within national boundaries under the same basic conditions, rights and obligations, regardless of location. SEPA encompasses the SEPA Credit Transfer, SEPA Direct Debit and SEPA cards framework. It covers the European Union Member States plus other countries and territories including Iceland, Norway, Liechtenstein, Switzerland and Monaco.
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