The Single Euro Payments Area (SEPA) is an initiative of the European Union that simplifies bank transfers in euros. It allows individuals and businesses to make and receive payments across member countries as easily as they would within their own country. SEPA aims to create a unified payment market, enhancing efficiency and reducing costs. SEPA includes 36 countries, comprising all EU member states and a few others like Iceland and Norway. It standardizes payment formats and processes, making cross-border transactions faster and more secure. This initiative supports economic integration and promotes the use of the euro as a common currency.