15.7. SEPA Payments

This page collects reference materials and details for specifics of SEPA payments.

15.7.1. SEPA Credit Transfer (SCT)

SCT is a “normal” bank transfer. Details (terminology, data definitions, flow diagrams) can be found in the EPC’s SCT rulebook.

Reject vs Return vs Recall

• A rejected payment is refused by the originator bank or the clearing and settlement layer.
• A returned payment is refused by the beneficiary’s bank via a counter-transaction over the settlement layer.
• A payment is recalled when the originator’s bank (potentially requested by the originator) wants to “undo” a SCT.

SEPA currently does not directly support a mechanism for the beneficiary to return a payment.