Share This

SEPA Instant Credit Transfer rulebook and implementation guidelines

The SEPA Instant Credit Transfer (SCT Inst) scheme will make European payments faster and ever more convenient.

SEPA Instant Credit Transfer rulebook

This new scheme – officially launched in November 2017 – enables euro credit transfers with the funds made available on the account in less than ten seconds at any time and in an area that will progressively span over 34 European countries. All payment service providers () are invited to adhere to the scheme as soon as possible. The technical information for implementing the scheme is available on this page.

SCT Inst rulebook currently in effect

The Credit Transfer Inst rulebook in effect until 1 January 2019 is the 2017 Inst rulebook version 1.1.

Read more about the 2017 SCT Inst rulebook version 1.1

Read more about the maximum amount per SCT Inst instruction

As of 1 January 2019 at 08:00 CET, the 2017 Inst rulebook version 1.2 replaces the version 1.1 and is applicable until 17 November 2019.

Read more about the 2017 SCT Inst rulebook version 1.2

Read more about the maximum amount per SCT Inst instruction under the 2107 SCT Inst rulebook version 1.2  

The Implementation Guidelines () for version 1.1 also apply on version 1.2 and are based on ISO 20022.

Read more about the SCT Inst scheme Customer-to-Bank IGs 2017 version 1.0

Read more about the SCT Inst scheme Interbank IGs 2017 version 1.1 (applicable as from 21 November 2017)

Read more about the SCT Inst scheme Interbank IGs 2017 version 1.2 (applicable in November 2018)

Main changes introduced in the 2017 SCT Inst rulebook version 1.1

Annex IV of the 2017 Inst rulebook version 1.1 lists all changes compared to the 2017 version 1.0. 

The only changes concern regulatory changes stemming from the guide for the assessment of credit transfer schemes against the oversight standards of the Eurosystem. With these changes, each scheme participant is obliged to comply with 'generic supervisory requirements' applicable to them, on top of the existing obligation to comply with applicable rules and regulations. These rulebook changes do not affect the operational and business rules of the Inst rulebook. 

The term 'generic' relates to supervisory requirements that are applicable to all in . However, it does not cover tailored supervisory requirements that supervisory authorities may impose in addition to a particular . Such specifically defined supervisory requirements are not publicly disclosed.

Main changes introduced in the 2017 SCT Inst rulebook version 1.2

Annex IV of the 2017 Inst rulebook version 1.2 lists all changes compared to versions 1.0 and 1.1. No changes impacting the business and operational rules or the related implementation guidelines were made in this version.

The first change is the updated definition of the rulebook term ‘Major Incidents’. This definition change constitutes a regulatory change. The updated definition of this term now refers to the Eurosystem major incident reporting framework for payment schemes and retail payment systems entering into force on 01 January 2019. The new definition also points to the document 190-18 ‘Details about major incident reporting for scheme participants’. 

This document outlines the detailed assessment criteria for each scheme participant to determine whether an operational or information security incident fits the criteria of a major incident and needs to be reported to the or not. The document 190-18 is not publicly available. The shares this document directly with all existing and future scheme participants.

Furthermore, this rulebook version also includes the updated version 4.2 of the Scheme Management Internal Rules (SMIRs) which are an integral part of each scheme rulebook. The updated SMIRs include a new section 3.1.11.1 on voting by written procedure by the Scheme Management Board (SMB) and several rewordings in the section 3.2.3.3 on the National Adherence Support Organisation. 

The new SMIRs also contain a new section 4.2.2.2 covering the dialogue between the and its Overseer, and a new section 4.5 describing the process for making changes to the Risk Management Annexes. These SMIRs no longer make any reference to the Certification Authority Supervisory Board (CASB) set up for the e-Mandate option under the Direct Debit scheme rulebooks. The SMB decided to disband the CASB as of 1 January 2019. 

2019 SCT Inst rulebook

The 2019 Inst rulebook version 1.0 enters into force on 17 November 2019 at 08:00 CET and is applicable until November 2021.

Read more about the 2019 SCT Inst rulebook version 1.0

Read more about the maximum amount per SCT Inst instruction under the 2109 SCT Inst rulebook version 1.0  

The Implementation Guidelines () are based on ISO 20022.

Read more about the SCT Inst scheme Customer-to-Bank IGs 2019 version 1.0 

Read more about the SCT Inst scheme Interbank IGs 2019 version 1.0 
 

Main changes introduced in the 2019 SCT Inst rulebook

The 2019 rulebook contains a clarification about which scheme participants must comply with the mandatory Customer-to-Bank (C2B) of the rulebook. 
The C2B also include usage rules on how a Beneficiary can make a ‘Repayment’ to transfer back funds to the Originator when the Beneficiary has not received the IBAN of the payment account of the Originator in the original Inst transaction.

A Inst transaction containing an IBAN but not the related BIC, can be transmitted by the Originator to the Originator Bank, even if one of the two Inst scheme participants covered by that transaction is based in a non- country.

The 2019 rulebook foresees a third rulebook option for scheme participants if they wish to agree on a shorter hard time-out deadline among themselves. Several changes have also been made to the procedures for Recall and for Request for Recall by the Originator.

Clarifications in Inst rulebook on the concrete point in time where an Inst instruction turns into an Inst transaction, and that the current maximum amount applies to both Inst instructions and Inst transactions have been added.

Annex IV of the 2019 Inst rulebook contains a table listing all changes made compared to the 2017 Inst rulebook version 1.2.