Turkey has sent a letter to the European Payments Council (EPC) expressing interest in joining the Single Euro Payments Area (SEPA).
This was stated in the final declaration of the EU-Turkey high-level economic dialogue, as reported by Oxu.Az citing Interfax.
According to the document, the parties agreed that Turkey's potential participation in SEPA will contribute to faster, safer, and more efficient cross-border payments, as well as to the development of trade and investment between Turkey and the EU.
The European Payments Council (EPC) is an international non-profit organization that coordinates the activities of the European banking sector in the field of electronic payments. Its main task is to develop, maintain, and harmonize SEPA standards.
SEPA is a payment system that makes international bank transfers in euros as simple, fast, and low-cost as domestic transfers. Currently, SEPA includes 41 countries, including all EU member states.
