What is SEPA?
SEPA Regulation 260/2012 (Single Euro Payments Area) is a European regulation being introduced to harmonise the European payments market and funds transfers (cashless payments). It comes into force on 1 February 2014.
SEPA affects euro to euro payments, both domestic and cross border, in the SEPA area. The Irish credit transfer and direct debit products will be replaced by SEPA products, the SEPA Credit Transfer (SCT) and SEPA Direct Debit (SDD). Banks have prepared their funds transfer products and services for SEPA. The users of these products and services (consumers and the business sector) must take equivalent steps. The SEPA products are based on common standards, but vary in their complexity, thus causing a difference in the impact on consumers and business clients.