Version
v1.6

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

In November 2020, the European Payments Council ( ) published the version 1.6 of the dedicated clarification paper on the Single Euro Payments Area ( ) Credit Transfer and Instant Credit Transfer ( ) rulebooks. 

The paper addresses operational aspects related to the and rulebooks and seeks to ensure consistent implementation of the two 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 current applicable 2019 and rulebooks.

The first new clarification relates to the decision in September 2020 migrating the 2023 payment scheme rulebooks to the 2019 version of the ISO 20022 messaging standard, and bringing forward by six months the 2022 payment scheme rulebook change management cycle so that the 2023 rulebooks are published in May 2022 (instead of November 2022).

The other content changes to the paper are the following:

  • Section 2.4: the clarification about the liability for a potential currency loss in case of a Recall for an / transaction which was subject to a currency conversion at the Beneficiary Bank, also applies to Request for Recall by the Originator (RFRO).
  • A new section 2.9 to clarify the possibility to credit a technical account following a positive response to a ( ) Recall.
  • Section 2.11: extra clarification for the Beneficiary on the use of the code RRCT (Reimbursement Received Credit Transfer) in case the Beneficiary wants to transfer funds from an earlier successfully settled (Inst) transaction, back to the Originator.
  • Sections 3.2 to 3.4 included: heads-up information about some rulebook changes for the inquiry procedure entering into force as of 21 November 2021.

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