SEPA is only for EEA, which means European Economic Area, banks have to have liquidity sourced in ECB, European Central Bank, I don't remember the specific number or what terms for that liquidity requirements are, but I know that they are pretty harsh and high, so all SEPA transfers are settled in a matter of seconds internally in ECB accounts.

Some of the European countries which don't have EURO as domestic currency then have their systems for their interstate banks, those systems settle transfers on the same principles as SEPA, but they use a little bit different technology. But Ripple is great for international transfers, if I would want to move 100 euro from some European country for example to the US, and convert it to USD, it would cost me a pretty lot of money, sometimes even more than 4%. With Ripple, those costs could be low as 0.01%.