Single Euro Payments Area The Single Euro Payments Area (SEPA) is a payment-integration initiative of the European Union for simplification of bank transfers. As of March 2012, SEPA consists of the 27 EU member states, the four members of the EFTA (Iceland, Liechtenstein, Norway and Switzerland) and Monaco. The project’s aim is to improve the efficiency of cross-border payments and turn the fragmented national markets for euro  payments into

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