SEPA Credit Transfer Scheme

The SEPA Credit Transfer (SCT) Scheme was launched by the European Payments Council on 28 January 2008. It allows PSPs to offer a basic credit transfer service in euros throughout SEPA - whether for single or bulk payments.

The scheme offers payers and payees several benefits when it comes to functionality, cost efficiency, ease of use and processing. It means a customer can only be charged by their own payment service provider so there is certainty over the amount that will be sent or received. There is also an agreed timeframe for delivering SEPA Credit Transfer, so customers know when money will be debited or credited to or from their account.

The European Payments Council’s website has more information on the SEPA Credit Transfer Scheme, its rules and implementation guidelines.

 

SEPA Direct Debit Core Scheme

The European Payments Council’s SEPA Direct Debit (SDD) Core Scheme created the first payment instrument that can be used for both domestic and cross-border collections in euros throughout SEPA. Introduced in November 2009, SEPA Direct Debits work in the same way as national Direct Debits.

They can be used for single (one-off) or recurrent direct debit collections and the amounts aren’t limited.

The European Payments Council’s website has more information on the SEPA Direct Debit Core Scheme, its rules and implementation guidelines.

 

SEPA Direct Debit Business to Business Scheme

Although it is similar to the SDD Core Scheme, the European Payment Council’s SEPA Direct Debit Business to Business (B2B) Scheme helps business customers making payments by direct debit. The SDD B2B Scheme differs from the SDD Core Scheme in that:

  • the services and products are only available to business customers.
  • the payer business is not entitled to obtain a refund of an authorised transaction
  • there is a shorter timeline for presenting direct debits and a reduced return period.

The European Payments Council’s website provides more information on the SEPA Direct Debit B2B Scheme, its rules and implementation guidelines.