The intent is to create an integrated payments market across Europe for any organisation or individual making or receiving payments in euro's. By replacing today's fragmented national payment systems with a single set of SEPA standards, organisations and individuals will be able to make payments to anyone within the area through their existing bank account using standardised payment instruments.
In doing so, SEPA creates conditions for enhanced competition in the provision of payment services to the benefit of both organisations and individuals.
More information about SEPA is also available from the European Central Bank (ECB), the European Commission (EC) and the European Payments Council (EPC).