For euro area citizens, this implies that they will be able to make cashless payments throughout the euro area from a single payment account anywhere in the euro area, using a single set of payment instruments, as easily, efficiently and safely as they do today in the national context.
This vision provides the basis for SEPA and guides the different initiatives of the banking industry. Indeed, the vision has become the “leitmotiv” for changes in the retail payments market. To realise the SEPA vision, strong commitment from all the stakeholders is required. The ECB and the Commission are eager advocates of the SEPA project as it brings an integrated and competitive market.