SEPA Credit Transfer

SEPA Credit Transfer is a euro payment debiting a euro account and crediting another euro account within SEPA zone.

About SEPA Credit Transfer

A credit transfer is a payment initiated by the payer. In the case of a credit transfer, a payment instruction is sent to the payer’s bank (the sender’s bank), which moves the funds to the payee’s banks (the receiver’s bank).

The SEPA credit transfer is an interbank payment scheme that defines a common set of rules, processes, service levels and a timeframe for credit transfers denominated in Euros.

As a payment instrument for the entire SEPA zone, the SEPA Credit Transfer will replace today’s multiple and varied national payment schemes. During the changeover period, the new SEPA Credit Transfer will co-exist with the old payment systems. The new SEPA Credit Transfer instrument was launched in January 2008.

Benefits of SEPA Credit Transfer

The use of specified standards and data will facilitate payment initiation, correction and reconciliation
Transparency of pricing as the full payment amount is credited to the payee’s account
Simplified management of payments
Possibility of consolidation of payment and liquidity management
Ability to pay "on behalf of" - supporting the establishment of payment factory solutions for large corporates

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SEPA is transparent and efficient

One-day transfers: Euro transfers within SEPA must be at the payee's disposal no later than one business day after they have been executed from the payers account.

Full amount

The full amount of the transfer must be credited to the payee's account unless the payee has agreed with his bank that the fees may be deducted before the amount is credited.

Full payment advice: The full payment advice of up to 140 characters must be forwarded unchanged from the payer to the payee. This optimises the reconsolidation process for the payee.

Sending Credit Transfers

In National Irish Bank, all euro transfers become SEPA transfers automatically if the following conditions are met:

The payee's BIC and IBAN are given
The fee code is SHA (The sender pays the fees to their bank and the payee pays the fees to their bank)
The payee's bank has adhered to the SEPA Rulebooks

Key Features

Full amount is credited to the payee's account
No amount restriction within SEPA, but other system restrictions may apply
Delivery of all remittance data (max 4 x 35 characters)
The maximum execution time is three business days
IBAN (International Bank Account Number) and BIC (Bank Identifier Code / SWIFT Code) are used as account identifiers for both payer and payee instead of national bank codes and account numbers
A comprehensive set of rules for rejected and returned payments.
Accomodates "payment on behalf of"

Download factsheet SEPA Frequently Asked Questions SEPA Migration Planning SEPA for Groups and Subsidiary Companies SEPA for Accounts Payable and Importers SEPA for Accounts Receivable and Exporters SEPA Direct Debit for Creditors SEPA Direct Debit for Debtors SEPA Credit Transfer ISO 20022 XML	External information sites Please refer to following sites for more information: European Central Bank European Payments Council Irish Payment Services Organisation (IPSO) SWIFT