Clarification paper on SEPA Credit Transfer and SEPA Instant Credit Transfer rulebooks

In November 2022, the European Payments Council (EPC) published the version 2.0 of the dedicated EPC clarification paper on the Single Euro Payments Area (SEPA) Credit Transfer and SEPA Instant Credit Transfer (SCT Inst) rulebooks. 

The paper addresses operational aspects related to the SCT and SCT Inst rulebooks and seeks to ensure consistent implementation of the two EPC credit transfer rulebooks by payment service providers participating in the schemes. The paper, which will be updated from time to time, as required, provides guidance and, where feasible, recommendations to scheme participants on how to handle situations that are not described in the rulebooks.

The paper applies to the 2021 SCT and SCT Inst rulebooks.

This version contains a few amendments to the clarifications in the sections 2.8 (differences between Recall and Request for Recall by the Originator), 2.10 (Request for Recall by the Originator) and 3.2 (SCT Inquiry process). The sections 3.3 (Schematic workflow of the SCT inquiry process) and 3.4 (Particularities about the SCT inquiry procedure ‘Claim for Value Date Correction’) have been completely removed. 

The 2021 SCT rulebooks and/or the related Implementation Guidelines (IGs) now formally include these clarifications, or the initial clarifications are no longer relevant as of the 2021 SCT rulebooks.

Furthermore, the section 2.12 (Amended timeline to publish the 2023 SEPA payment scheme rulebooks) is removed completely following the publication of the 2023 SCT rulebooks in May 2022 and the related IGs in June 2022.

Finally, the renumbered section 2.12 (SCT and SCT Inst r-transaction reason codes) has been amended stressing that Beneficiary PSPs are obliged to provide the Originator PSP with the correct R-transaction reason code.

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