SEPA Credit Transfer

SCT Scheme-Compliant Clearing and Settlement Mechanisms (CSMs)

  

The term payment system as defined in the Payment Services Directive (PSD), means a funds transfer system with formal and standardised arrangements and common rules for the processing, clearing and / or settlement of payment transactions. In other words, a funds transfer system enables the exchange of funds (money) and messages between two payment service providers (PSPs) executing a payment transaction. These funds transfer systems can be PSPs as well as separate business - public or private - entities (which may or may not be owned by PSPs).

In the Single Euro Payments Area (SEPA) context, a payment system in the meaning of a 'funds transfer system' is referred to as a 'Clearing and Settlement Mechanism' (CSM). Services offered by competing CSMs, based on the SEPA payment schemes, are governed by market forces and are outside the remit of the European Payments Council (EPC) as there is a clear separation between the EPC as the SEPA Scheme Manager and CSMs.

Reachability and SEPA Scheme-compliant clearing and settlement Mechanism landscape


Reachability is an essential requirement for any multilateral payment scheme to function effectively for the benefit of all parties including end-users (payers, payees).

The European Union (EU) Regulation (EU) No 260/2012 of the European Parliament and of the Council [representing EU Member States] establishing technical and business requirements for credit transfers and direct debits in euro and amending Regulation (EC) 924/2009 (the SEPA Regulation) provides in its Article 3 that, within the EU, a PSP reachable for a national euro credit transfer or direct debit shall be reachable for euro credit transfers or direct debits initiated through a PSP located in any Member State.

Reachability is also a major permanent obligation to be complied with, as from its ‘readiness date’, by any PSP participating in any of the EPC SEPA Schemes (SEPA Credit Transfer (SCT), SEPA Direct Debit (SDD)), under the relevant scheme adherence agreement with the EPC and the relevant EPC SEPA Scheme Rulebook.

Each PSP needs to determine how to achieve full reachability for the EPC SEPA Scheme(s) it has adhered to.

There are several ways for PSPs to send and receive euro payment transactions to and from other PSPs across SEPA, as depicted in the ‘infrastructure layer’ of the diagram below.

PSPs can choose and use any solution or combination of solutions, directly or indirectly, as long as reachability and compliance with the EPC SEPA Schemes are effectively ensured.

SEPA Scheme-compliant CSMs

The following CSMs have disclosed their intention, by letter to the EPC, to be SCT Scheme-compliant

   

 

 

Banca d'Italia

Italy

 

Bankart

Slovenia

 

Borica - Bankservice JSC

Bulgaria

 

CEC

Belgium

 

Deutsche Bundesbank

Germany

  EBA CLEARING
 

Equens

Germany/The Netherlands


 

 

Eurogiro

Denmark

 

Financijska agencija (FINA)

Croatia

 

GlobalClear Bankers Trust & Depository AB

Sweden

 

GSA

Austria

 

Iberpay

Spain

 

ACH ICBPI

Italy

 

Interbanking Systems (DIAS)

Greece

 

KIR

Poland

 

Latvijas Banka

Latvia

 

Narodna Banka Slovenska

Slovakia

 

Oesterreichische Nationalbank

Austria

 

SIA

Italy

 

SIBS

Portugal

 

STET

France

 

TRANSFOND

Romania

The following companies have disclosed, by letter to the EPC, their intention to offer to CSMs messaging services that support full compliance with the SEPA Credit Transfer Schemes.

 

SIA

Italy

   
 

S.W.I.F.T. SCRL

Disclosure of intent to be a SEPA Scheme-compliant CSM


CSMs that wish to disclose their intent to become a SEPA Scheme-compliant CSM are invited to address this intention by letter to the EPC. The disclosure letter is available on the following EPC Website: Disclosure of Intent to be a Single Euro Payments Area-Scheme compliant Clearing and Settlement Mechanism.


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RT @ThePaypers: .@SorinaBera @A11evo Can #corporates banks from non-EU countries cope with #SEPA requests? https://t.co/zRnZKz8bfQ https://…
22/07/2016