SEPA, IBAN and BIC are financial terms related to international and domestic money transfers within the European Union (EU) and the European Economic Area (EEA).

SEPA (Single Euro Payments Area) is a system that allows simple and efficient electronic transfers between accounts in the EU and the EEA. It is designed to simplify bank transfers and reduce transaction costs. This system is used for all euro transactions within the SEPA area.

An IBAN (International Bank Account Number) is a unique series of numbers and letters that identifies a bank account within the SEPA area. The IBAN is used to identify a specific bank account, the bank and the country where the account is held. It is important to provide the correct IBAN when making an international or domestic money transfer within the SEPA area to ensure that the money is sent to the correct account.

A BIC (Business Identifier Code) is a unique series of numbers and letters that identifies a financial institution within the SEPA area. The BIC is also known as a SWIFT code and is used to identify the bank where a customer's account is held. The BIC is used together with the IBAN when making international or domestic money transfers within the SEPA area.

In short, IBAN, BIC and SEPA is a system created by EU to simplify transactions within the EU, it helps avoid errors, provide security and reduce costs. Customers must provide them when making transactions and it is important that the information provided is correct to avoid the transaction being declined or misdirected.