SEPA stands for Single Euro Payments Area, a payment-integration initiative of the European Union for the simplification of bank transfers denominated in Euro. SEPA membership consists of the 28 member states of the European Union, the four-member states of the European Free Trade Association, and two others.

The aim of SEPA is to improve the efficiency of cross-border payments and turn the previously fragmented national markets for euro payments into a single domestic one. SEPA means that customers can make cashless euro payments to any account located anywhere in the area, using a single bank account and a single set of payment instruments.