The official site of Italy's central bank

SEPA - Single Euro Payments Area

As part of the shared oversight tasks within the Eurosystem, the Bank of Italy contributes to the Single Euro Payments Area project (SEPA), designed to extend European integration to non-cash euro retail payments. The purpose is to foster efficiency and competition within the euro area.

Following the cash changeover to the single currency in 2002, SEPA is intended to enable European citizens to make payments to beneficiaries anywhere in the euro area using a single bank account and a set of harmonized payment instruments.

In the SEPA framework, all retail payments in euros are treated as "domestic"; the distinction between domestic and cross-border payments within the euro area is eliminated.

SEPA consists of:
- harmonized payment instruments (credit transfers, direct debits and payment cards);
- European infrastructures for handling euro payments;
- common technical standards and operating practices;
- a harmonized legal basis;
- ongoing development of new customer-oriented services.

The European Central Bank and the Commission have the role of project promotion, while the European Payments Council (EPC) is responsible for design and implementation.

Since January 2008 SEPA credit transfers and SEPA payment cards have been made available.