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
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