SEPA Credit Transfer
2017 SCT Rulebook
On this page, you find the links to the 2017 Single Euro Payments Area (SEPA) Credit Transfer (SCT) Rulebook version 1.0 and the associated implementation guidelines. The 2017 SCT Rulebook becomes effective as of 19 November 2017 until November 2019.
The implementation guidelines relevant to the 2017 SCT Rulebook version 1.0 are based on the 2009 version of ISO 20022.
Main changes in the 2017 SCT Rulebook
The 2017 SCT Rulebook includes the obligation for scheme participants to accept at least but not exclusively Customer-to-Bank (C2B) SEPA payment message files based on the EPC’s C2B SEPA scheme Implementation Guidelines.
Customers will still have the choice either to continue using their current C2B payment message file set-up or to opt for the C2B payment message file based on the EPC specifications. On the other hand, the scheme participants will have to be technically capable of supporting the EPC specifications for C2B payment message files.
The 2017 SCT Rulebook further introduces SCT inquiry procedures becoming effective as of 18 November 2018 between the Beneficiary Bank and the Originator Bank based on ISO 20022 camt. XML messages. All scheme participants will have to be at least able to accept the ISO 20022 XML message-based SCT inquiries and be able to respond to these SCT inquiries via defined ISO 20022 XML messages.
The 2017 SCT Rulebook also contains a procedure for Originator Banks to handle a ‘Request for Recall by the Originator’ for a reason other than duplicate sending, technical problems resulting in erroneous SCT(s) and a fraudulently originated SCT, whereby this procedure will rely upon ISO 20022 XML messages. This procedure becomes effective as of 18 November 2018.
All scheme participants will have to be able to accept the ISO 20022 XML message-based ‘Request for Recall by the Originator’ and be able to respond to this request via defined ISO 20022 XML messages.
It is emphasized that in accordance with the Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 (‘PSD2’), the SCT transaction once issued by the Originator remains irrevocable. This procedure does not guarantee that the Originator will get back the funds of the initial credit transfer.
Finally, the 2017 SCT Rulebook contains a number of regulatory changes driven by the PSD2 becoming effective as of 13 January 2018, and by the guides for the assessment of credit transfer schemes against the oversight standards of the Eurosystem. These changes impact the rights and obligations of scheme participants and the Scheme Management Internal Rules but do not affect the operational and business rules of the SCT Rulebook.
Note on the associated implementation guidelines of the 2017 SCT Rulebook
The Implementation Guidelines of the 2017 SCT Rulebook published on 24 November 2016 do not yet include the ISO 20022 XML messages for the SCT inquiries and for the ‘Request for Recall by the Originator’. An updated version will be published in November 2017 at the latest.