The SEPA Credit Transfer (SCT) Scheme enables payment service providers (PSPs) to offer credit transfer services throughout SEPA for either single or bulk payments. The scheme’s standards facilitate payment initiation and processing based upon straight-through-processing (STP). The scope is limited to payments made in Euros within the 32 SEPA countries.
The PSPs executing the credit transfer must formally participate in the SCT Scheme. There is no cap on the amount of funds that may be transferred under the scheme.
In its rulebook, the European Payments Council (EPC) has clearly defined the SEPA Credit Transfer Processing Flow (PR-01).
For ease of explanation, SEPA Credit Transfer has been divided into two topics: