The Single Euro Payments Area is an objective set out by the European Union to create a single payments market, within which all players will be able to make payments in a simple, secure manner, at costs and efficiency levels equivalent to those currently existing in national territories.

At an operative level the SEPA objective concerns three principal payment instruments:

• credit transfers
• direct debits
• cards (debit and account-linked cards).

To achieve these objectives it is essential that the European banking and inter-bank system adopts business regulations and tools and sets up adequate infrastructures at European level to manage all the payment instruments provided for by SEPA.

The project enables citizens, businesses and public and private bodies, regardless of where they may be located in Europe, to make and receive payments in euros, set up commercial direct debits and use payment cards with homogeneous base conditions, rights and obligations in the various countries in the European Union.

2008 is the target year set for the activation of SEPA, which will become fully operational by 2010. This is a strategic transition: SEPA reinforces the economic integration of the old continent, while giving a strong boost to businesses and the Europe-system towards global competitiveness.