SEPA (Single Euro Payments Area) was launched in January 2008 and includes the EU, Norway, Iceland, Liechtenstein, Switzerland, Monaco, San Marino, Andorra and the Vatican City State. SEPA means common rules for general payments, direct debits and cards.
It started with the EU Regulation on Euro Payments back in 2001. Then the principle of same price for cross-border and domestic euro payments within the EEA was introduced. In 2009 the EU Payment Services Directive was implemented with rules regarding value-dating, maximum transfer times and fee handling.
