The SEPA (Single Euro Payments Area) project aims to extend European integration to non-cash euro retail payments. The purpose is to foster efficiency and competition within the euro area, and to enable European citizens to make payments to beneficiaries anywhere in the euro area using a single bank account and a set of harmonized payment instruments. In the SEPA framework, all retail payments in euros are treated as "domestic"; the distinction between domestic and cross-border payments within the euro area is eliminated.
SEPA consists of: harmonized payment instruments (credit transfers, direct debits and payment cards); European infrastructures for handling euro payments; common technical standards and operating practices; a harmonized legal basis; and ongoing development of new customer-oriented services.
The European Payments Council (EPC) is the responsible for implementing the SEPA project. It has drafted Rulebooks for credit transfers and direct debits and laid down the Framework for payment cards and clearing and settlement infrastructures.
The European Central Bank and the Commission have the role of project promotion, while the European Payments Council (EPC) is responsible for design and implementation. The project calendar centres on two key dates: 28 January 2008, with the introduction of the new SEPA instruments, which are planned to handle most non-cash payments by the end of 2010; and 31 December 2010, by which date the infrastructures must ensure the reachability of all banks within the euro area.
For more information you can also see the Sepa-ABI web site and the National Migration Plan, that represents the positioning of Italian system with reference to the Single Euro Payments Area (SEPA)
SEPA - Single Euro Payments Area