The abbreviation SEPA stands for “Single Euro Payment Area” and aims to optimize cashless payment transactions for euro payments in the European Economic Area. This measure is intended to simplify cashless euro payment transactions by making them faster and more cost-effective across borders. The uniform SEPA payment procedures can be used for euro payments in all European Union member states, Iceland, Liechtenstein, Norway, Monaco, Switzerland, San Marino, Andorra, the Vatican City State, and the United Kingdom.

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