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Credit Transfer

A credit transfer is a payment instruction from a customer (Originator/payer) to its bank or payment service provider to transfer an amount of money to another account (Beneficiary/ payee). The SEPA Credit Transfer (SCT) scheme facilitates the execution of credit transfers in euro between customer accounts located in SEPA. The SCT scheme enables payment service providers to offer a core and basic credit transfer service throughout SEPA for either single or bulk payments – there is no difference between credit transfers executed within or across national borders within SEPA.


The following provisions are available through the SCT scheme:

  • ‘One-off’ and ‘bulk’ payments are both supported
  • Originator (payer), Beneficiary (payee) and their banks are identified using BIC (Business Identifier Code) and IBAN (International Bank Account Number)
  • Beneficiary will receive funds within one business day of the payment being executed
  • The full amount of a payment will always be received by the payee
  • Transaction costs for cross border SEPA payments will be equal to the transaction costs for corresponding national payments
  • Payers and payees using SCT can each only be charged by their own payment service provider.

More information on the SEPA Credit Transfer Scheme is available from the European Payments Council