SEPA stands for Single Euro Payments Area. It’s the new and improved format for Euro-denominated cashless transfers within the SEPA zone. 

The SEPA regulation sets out rules to harmonise the way Euro-denominated bank transfers and electronic payments are processed. It ensures that Euro transfers in different SEPA countries are all settled in the same way and thus, can be likened to domestic transfers within your own country. This means a smoother, borderless payments zone with transfers settled in approximately two days.

SEPA covers direct debits payments, credit transfers, and card payments.

Take a look at this page for more information.