SEPA - Single Euro Payments Area is a project for advanced integration of the EU internal market which enables equalization of the euro payments requirements for all participants, regardless of their location, i.e. equalization of the national and cross-border euro payments. This project is a joint initiative of the European Commission, the European Central Bank and the European Payment Council, whereby the Eurosystem has played an active role in its implementation as a catalyst, promoter, regulator and source of knowledge.
The implementation of the SEPA project is expected to achieve the following objectives:
to create a single market for electronic payments in euros, which makes no difference between domestic and cross-border transactions,
to increase payment systems efficiency in the SEPA countries in terms of cost of services, simplicity, functionality, safety and reliability of payment systems,
to accept single payment instruments for credit transfer and direct debit within the entire payment area,
to establish technical interoperability between payment systems in the country and among all SEPA countries, and
to establish technical standards.
The Strategy for Development of the Payment System of the Republic of Macedonia in the period 2013 - 2017 defines activities aimed at the gradual introduction of SEPA standards in the Republic of Macedonia. The activities are part of the Action Plan for the implementation of the Strategy for Development of the Payment System of the Republic of Macedonia in the period 2013 - 2017. These activities are conducted within the working groups of the National Council for the payment systems of the Republic of Macedonia.
For more information on the SEPA please visit the following link on the ECB website.