SEPA credit transfers

The foundation for the processing of SEPA credit transfers in the Single Euro Payments Area is the "SEPA Credit Transfer Scheme Rulebook". It defines the rules, practices and standards for transactions by the payer to the beneficiary.

Stipulated among the rules is that:

  • the financial institutions participating in SEPA are reachable for SEPA-compliant credit transfers and are also able to execute the same;
  • the credit transfer between the ordering party’s bank and the beneficiary’s bank is to be conducted in euro;
  • the customer’s bank account will be maintained in the euro payments area, but must not necessarily be kept in euro;
  • a maximum credit transfer duration is defined;
  • there are to be no amount limits;
  • the transactions are to be processed using standard formats (ISO 20022) and data content, including the provision of the IBAN and BIC;
  • the processes of payments as well as rejections and returns are followed.