In an effort to make payment transactions smoother between countries, the European Union had set a deadline for businesses to migrate their payment systems over to SEPA credit transfer (SCT) and SEPA direct debit systems, as opposed to the fractured, country by country system they currently rely on.
SEPA, or the Single European Payments Area, aims to unify 33 countries that use the Euro, and simplify domestic and cross-border payments by unifying payment standards and systems.
