Annex V of the SCT scheme describes the Extended Remittance Information (ERI) option.
This option gives Originators the possibility to transmit per single SCT transaction the following combination of remittance information to the Beneficiary:
- One occurrence of 140 characters of unstructured remittance information and
- Up to 999 occurrences of 280 characters of structured remittance information based on the ISO 20022 standard.
The ERI option brings advantages to corporate Originators and Beneficiaries in particular.
The Originator can discharge in just one SCT transaction the total amount of several invoices to be paid, possibly netted off with granted credit notes, while transmitting structured remittance information for each concerned invoice and credit note item.
The Beneficiary receives a single SCT transaction amount which settles several unpaid invoices, possibly netted off with granted credit notes, whereby the received structured remittance information is automatically straight through processed and reconciled with each relevant open accounts receivable position.
With the ERI option, Originators and Beneficiary must not invest in other means to exchange among them large volumes of remittance information or other information related to invoices to be paid or to other business transactions.
As for the SCT scheme participants, the ERI option provides them with an additional optional SEPA wide standardised service which further increases the commercial attractiveness of their SCT services. The EPC also provides the scheme participants with a separate guidance document giving detailed information on how to instruct ERI, including a number of practical examples.
Payment service providers that wish to offer the ERI option, must be a SCT scheme participant and must adhere separately to the ERI option. For more information about how to adhere to the EPC schemes, please refer to Toolkit for new scheme participants.