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
Contact our SEPA Implementation experts today - Our SEPA capabilities, experience and support services will ensure you plan for a smooth and controlled transition.