SCT - SEPA Credit Transfer Scheme
The SEPA Credit Transfer Scheme is a cross-border non-urgent euro payment scheme. It allows transfer payments to be made between any of the 31 SEPA countries, including euro payments within the UK. Once the bank receives the instruction from the person making the payment, the person being paid will receive the monies within 3 working days.
As part of the EPC's Roadmap towards achieving SEPA, the SEPA Credit Transfer Scheme enables payment services providers to offer a core credit transfer service whether for single, bulk and/or repetitive payments. The SEPA Credit Transfer Scheme has replaced Credeuro and is unlimited in value and there are no deductions from the principal of the payment, meaning that the beneficiary receives funds in full. The scheme also permits the end-to-end carrying of remittance data to ensure delivery through to the beneficiary.