SEPA
The Single Euro Payments Area, where a euro transfer to another country is meant to be as fast and as cheap as a domestic one.
SEPA is coordinated by the European Payments Council and covers around forty countries, which is more than the EU. The SEPA Credit Transfer launched in January 2008 and SEPA Direct Debit followed in 2009. A 2012 EU regulation then forced the eurozone's national formats to shut down, with a 2014 deadline. Every scheme runs on IBAN and ISO 20022.
SEPA Instant arrived in November 2017 and moves money in under ten seconds, around the clock. For years it was optional and patchy, until the 2024 Instant Payments Regulation required eurozone banks to offer it at the same price as a standard transfer. Domestic payments in non-euro currencies such as the Swedish krona still run on national systems, since SEPA covers euros only.