SEPA Credit Transfer (SCT)

The European Payments Council (EPC) introduced the SCT System in January 2008. For a specified source of information about the rules and commitments of the scheme, refer to the SCT Rulebook and the accompanying functioning guidelines authorized by the EPC. The EPC distribution 'Shortcut to SEPA Credit Transfer summarizes the functions of the SCT Scheme, which includes its key advantages in non-technical language.

EPC launches three-month public conversation on the evolution of the SCT and SEPA Direct Debit Schemes. All shareholders are required to present opinions by 15 August 2014

On 19 May 2014 the EPC introduced a three-month public consultation on possible adjustments to the SCT and SEPA Direct Debit (SDD) Rulebooks. The EPC inspires all SEPA shareholders to provide opinions by 15 August 2014. The next generation rulebooks, (SCT Rulebook version 8 .0, SDD Core Rulebook version 8 .0 and SDD Business to Business (B2B) Rulebook version 6 .0), and connected implementation rules will be publicized in November 2014 to take effect in November 2015. The transform request document in regards to the SCT Rulebook submitted for public consultation between 19 May and 15 August 2014 is accessible on this EPC Webpage.

EU Regulation defines mandatory due dates for migration to SEPA

In February 2012, the European legislator implemented the 'Regulation (EU) No 260/2012 developing technical and business demands for credit transfers and direct debits in euro and amending Laws (EC) No 924/2009' (the Single Euro Payments Area (SEPA) Regulation), which defines 1st February 2014 as the dead-line in the euro area for compliance with the core conditions of this Regulation. In non-euro countries, the dead-line will be 31 October 2016. Basically, this indicates as of these dates, active national euro credit transfer and direct debit schemes will be changed by SCT and SEPA Direct Debit (SDD).

The SCT Scheme in a nutshell

The SCT Scheme enables payment service providers (PSPs) to provide a primary and plain credit transfer service all through SEPA for either single or mass payments. The scheme's standards facilitate payment initiation, processing and getting back together, based on straight-through-processing (STP). The scope is restricted to installments made in euro, within the 34 SEPA Scheme countries. The PSPs carrying out the credit transfer ought to formally take part in the SCT Scheme.