When we are doing cross border payments in the Europe we will need knowledge about the SEPA. In 2008, the European Central Bank introduced SEPA, which is an acronym for 'Single Euro Payments Area'. Before the SEPA system was implemented, it would take between 3 and 7 days for a bank transfer that had been conducted between a person or business which sends money from one country and a recipient in another. So we should know What is SEPA and how does it work?