SEPA stands for Single Euro Payments Area, which is an initiative to simplify cashless payments and create consistency for transactions within and among EU member countries. SEPA transfers are one-time funds transfers between banks that both have IBAN codes, conducted in euros and commonly used for consumer purchases in SEPA countries. SEPA Credit Transfers are conducted in euros and are one of the two main types of SEPA bank transfers, which allow customers to make cashless euro payments via credit transfer and direct debit to anywhere in the European Union, as well as a number of non-EU countries, in a fast, safe and efficient way, just like national payments. SEPA transfers are free in most cases, and the aim of SEPA is to make cross-border EUR transfers within the SEPA area equivalent to a domestic transfer within your own country. SEPA transfers are made possible by the development of shared standards, procedures, and infrastructure for transferring funds that was adopted by every member state, which has boosted the economies where it operates and provides convenience for consumers and businesses all over the world.