SEPA Credit Transfer
SEPA Credit Transfer (SCT)
On this page, you will find the SCT Rulebook and associated documentation which are currently in effect (since 17 November 2012).
The European Payments Council (EPC) launched the SCT Scheme in January 2008. For a definitive source of information regarding the rules and obligations of the scheme, refer to the SCT Rulebook and the accompanying implementation guidelines approved by the EPC. The EPC publication 'Shortcut to SEPA Credit Transfer' (see below) summarises the main features of the SCT Scheme, including its key benefits in non-technical language. To learn more about the term 'SEPA payment scheme', refer to the following dedicated page on the EPC Website: What is a Payment Scheme?
EU Regulation defines mandatory deadlines for migration to SEPA
In February 2012, the European legislator adopted the 'Regulation (EU) No 260/2012 establishing technical and business requirements for credit transfers and direct debits in euro and amending Regulation (EC) No 924/2009' (the Single Euro Payments Area (SEPA) Regulation), which defines 1 February 2014 as the deadline in the euro area for compliance with the core provisions of this Regulation. In non-euro countries, the deadline will be 31 October 2016. Effectively, this means that as of these dates, existing national euro credit transfer and direct debit schemes will be replaced by SCT and SEPA Direct Debit (SDD). For more information on the SEPA Regulation, refer to these dedicated pages on the EPC Website:SEPA Legal and Regulatory Framework and The EPC Migration Tool Kit: Get Ready for SEPA by 1.2.2014. Act Now!.
The SCT Scheme in a nutshell
The SCT Scheme enables payment service providers (PSPs) to offer a core and basic credit transfer service throughout SEPA for either single or bulk payments. The scheme's standards facilitate payment initiation, processing and reconciliation, based on straight-through-processing (STP). The scope is limited to payments made in euro, within the 32 SEPA countries. The PSPs executing the credit transfer must formally participate in the SCT Scheme. There is no cap on the amount of funds that can be transferred under the scheme.
Selection of articles from the EPC Newsletter and other sources
- EPC Calls for Independent Candidates Seeking Appointment to the SEPA Scheme Management Committee. Applications are Invited by 14 June 2013
- EPC Publication: Shortcut to SEPA Credit Transfer (SCT)
- EPC Video: SEPA for Billers. This Film Highlights Aspects Relevant for Businesses and Public Entities Transitioning to SEPA
- EPC Blog Series: Get Ready for SEPA by February 2014. Early Movers on the Customer Side Share Lessons Learnt
- EPC Newsletter: Case Studies Highlighting Successful SEPA Migration Projects of Bank Customers
- EPC Newsletter: Articles Published in the Section ‘SEPA Credit Transfer (SCT) & SEPA Direct Debit (SDD)'
EPC technical documents
- SEPA Credit Transfer Rulebook Version 6.1
- SEPA Credit Transfer Scheme Inter-Bank Implementation Guidelines Version 6.0
- SEPA Credit Transfer Scheme Customer-to-Bank Implementation Guidelines Version 6.0
- Clarification Paper: SEPA Credit Transfer and SEPA Direct Debit
- Quick Response Code: Guidelines to Enable Data Capture for the Initiation of a SEPA Credit Transfer
- Recommendation on Customer Reporting of SCT and SDD
- SEPA Requirements for an Extended Character Set (UNICODE Subset) - Best Practices
- PE-ACH/CSM Framework