11.4. SEPA Payments¶
This page collects reference materials and details for specifics of SEPA payments.
11.4.1. 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.
11.4.1.1. 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.