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 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 schemes (SEPA Credit Transfer (SCT), SEPA Direct Debit (SDD)), under the relevant scheme adherence agreement with the EPC and the relevant EPC scheme rulebook.

Each PSP needs to determine how to achieve full reachability for the EPC 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.

Disclosure of intent to be a CSM that supports full compliance with the SCT schemes


CSMs that wish to disclose their intent to become a CSM that supports full compliance with the SCT schemes, are invited to address this intention by letter to the EPC. The disclosure letter is available on this webpage.

Disclosure of intent to offer messaging services to CSMs that support full compliance with the SCT schemes

Companies that wish to disclose their intent to offer messaging services to CSMs that support full compliance with the SCT schemes, are invited to address this intention by letter to the EPC. The disclosure letter is available on this webpage.

SCT scheme-compliant CSMs

The following CSMs have disclosed their intention, by letter to the EPC, to support full compliance with the SCT scheme.

A list of CSMs which are fully compliant with the SEPA Instant Credit Transfer (SCT Inst) scheme is available on this webpage.

   

 

 

Banca d'italia

Italy

 

Bankart

Slovenia

Overseen by Bank of Slovenia

 

Borica - Bankservice JSC

Bulgaria

Overseen by Bulgarian National Bank

 

CEC-UCV

Belgium

Overseen by National Bank of Belgium

 

Deutsche Bundesbank

Germany

Overseen by Deutsche Bundesbank

 

DIAS

Greece

Overseen by Bank of Greece

 

EBA CLEARING

Overseen by European Central Bank

 

EquensWorldline

The Netherlands

Overseen by De Nederlandsche Bank


 

 

Eurogiro

Denmark

 

Financijska agencija (FINA)

Croatia

Overseen by Hrvatska Narodna Banka

 

GSA

Austria

Overseen by Österreichische Nationalbank

 

Iberpay

Spain

Overseen by Banco de Espana

 

ACH ICBPI

Italy

Overseen by Banca d'Italia

 

KIR

Poland

Overseen by Narodowy Bank Polski

 

Latvijas Banka

Latvia

 

Lietuvos Bankas

Lithuania

 

Narodna Banka Slovenska

Slovakia

Overseen by Narodna Banka Slovenska

 

Oesterreichische Nationalbank

Austria

Overseen by Oesterreichische Nationalbank

 

SIA

Italy

Overseen by Banca d'Italia

 

SIBS FPS

Portugal

Overseen by Banco de Portugal

 

STET

France

Overseen by Banque de France

 

TRANSFOND

Romania

Overseen by Banca Nationala a Romaniei

Companies offering messaging services to SCT scheme-compliant CSMs

The following companies have disclosed, by letter to the EPC, their intention to offer to CSMs messaging services that support full compliance with the SCT scheme.

A list of companies providing messaging services to CSMs that will support full compliance with the SCT Inst scheme is available on this webpage.

 

SIA

Italy

Overseen by Banca d'Italia

   
 

S.W.I.F.T. SCRL


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21/02/2017