SEPA, or the Single Euro Payments Area, is a payment integration initiative within the European Union, aimed at facilitating seamless euro payments across the region.

Open Banking is a separate initiative that promotes the sharing of financial data between banks and third-party providers, to enable innovative new financial products and services.

While SEPA and Open Banking are separate initiatives, they can be complementary. In the context of Open Banking, SEPA Direct Debit (SDD) and SEPA Credit Transfer (SCT) can be used to initiate payments between banks and third-party providers.

As for the current status of Open Banking and SEPA, both are fully operational within the European Union, with banks required to comply with regulations such as NextGenPSD2 and the SCA requirement.

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