The Single Euro Payment Area (SEPA) involves the creation of a zone in which all electronic payments across Europe are considered domestic. There is no difference between national and intra-European cross border payments. SEPA aims to improve the efficiency of cross-border payments, to defragment national payment markets, and to allow customers to make cashless Euro payments by using a single bank account and payment instruments. SEPA consists of all 27 European Union (EU) member states and includes Iceland, Norway, Liechtenstein, Switzerland, and Monaco. The payment schemes and frameworks that are necessary to realize SEPA are defined by the European Payments Council (EPC).
IBM® Financial Transaction Manager for SEPA Services is used to manage, orchestrate, and monitor financial transactions that relate to SEPA payments.
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