SEPA stands for Single Euro Payments Area and is aregulatory-driven initiative by the European Banking sector (via the EuropeanPayments Council, which administers the SEPA schemes) to harmonise europayments in Europe. As of July 2015, SEPA consists of 28 member states of theEuropean Union, the four member states of the European Free Trade Association(Iceland, Liechtenstein, Norway and Switzerland), Andorra, Monaco and SanMarino.

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What is SEPA Direct Debit?