SEPA stands for Single Euro Payments Area and is a regulatory-driven initiative by the European Banking sector (via the European Payments Council, which administers the SEPA schemes) to harmonise euro payments in Europe. As of July 2015, SEPA consists of 28 member states of the European Union, the four member states of the European Free Trade Association (Iceland, Liechtenstein, Norway and Switzerland), Andorra, Monaco and San Marino.
For more details on SEPA Direct Debits please visit:
http://www.europeanpaymentscouncil.eu/knowledge_bank_detail.cfm?documents_id=597
http://www.europeanpaymentscouncil.eu/content.cfm?page=sepa_direct_debit_(sdd)
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