SEPA

SEPA (Single Euro Payments Area) is a payment integration initiative that lets people and businesses make euro payments across participating European countries as quickly, cheaply and securely as domestic ones. It covers the EU member states and several other European countries, including Norway, Switzerland and the United Kingdom. SEPA payments run on common schemes, such as SEPA Credit Transfer, SEPA Instant Credit Transfer and SEPA Direct Debit, and identify accounts by IBAN. In the EU, the Transfer of Funds Regulation requires payer and payee information to accompany fund transfers, and it extends the same principle to crypto-asset transfers under the Travel Rule.