(Single Euro Payments Area) is an initiative of the European Union that simplifies bank transfers in euros. It allows individuals and businesses to make cashless payments across member countries as easily as they would within their own country. SEPA encompasses all EU member states, along with a few non-EU countries, standardizing payment methods like credit transfers and direct debits to facilitate seamless transactions. The goal is to enhance efficiency, reduce costs, and promote integration within the European payment market.