[3][4][2] Some microstates participate in the technical schemes: Andorra,[5] Monaco, San Marino, and Vatican City.

The project includes the development of common financial instruments, standards, procedures, and infrastructure to enable economies of scale.

As of 2007[update], it was estimated this could reduce the overall cost to the European economy of moving capital around the region by up to 2–3% of total GDP).

These four countries (Sweden, Denmark, Norway, and Iceland) started initiatives during 2017–2019 for simpler, faster, and cheaper cross-border payments between one another.

[13] This scheme was launched in November 2017, and was at that time operational for end customers in eight Eurozone countries.

The basic scheme, Core SDD, is primarily targeted at consumers and was launched on 2 November 2009.

Sweden and Denmark have legislated that euro transfers shall be charged the same as transfers in their own currency; which has the effect of giving free euro ATM withdrawals, but charges for ATM withdrawals in other currencies used in the EU.

Domestic euro transactions are routed by IBAN; earlier national-designation schemes were abolished by February 2014 (with delays in some countries), providing uniform access to the new payment instruments.

[29] The participating banks will handle the user interface and security, like for existing SEPA payments, e.g. web sites and mobile apps.

[30] As of August 2014, 99.4% of credit transfers,[clarification needed] 99.9% of direct debit, and 79.2% of card payments have been migrated to SEPA in the euro area.

[43] In October 2010, the European Central Bank published its seventh progress report on SEPA.

[44] The European Central Bank regards SEPA as an essential element to advance the usability and maturity of the euro.