[{"data":1,"prerenderedAt":96},["ShallowReactive",2],{"post-sepa-credit-transfer-overview":3},{"id":4,"title":5,"body":6,"categories":84,"date":87,"description":12,"extension":88,"meta":89,"navigation":90,"path":91,"seo":92,"stem":93,"tags":94,"__hash__":95},"blog\u002Fblog\u002Foutput\u002Fposts\u002F2023-04-15-sepa-credit-transfer-overview\u002Findex.md","SEPA Credit Transfer Overview",{"type":7,"value":8,"toc":80},"minimark",[9,13,24,27,36,39,55,62,65],[10,11,12],"p",{},"A SEPA Credit Transfer (SCT) is a payment instrument which facilitates the transfer of funds from the sending or originating bank to the receiving or beneficiary bank.",[10,14,15,16,23],{},"They generally used for once off payments and clear within a day. To send\u002Freceive a SEPA Credit Transfer, the originating and beneficiary banks must be ",[17,18,22],"a",{"href":19,"rel":20},"https:\u002F\u002Fwww.ecb.europa.eu\u002Fpaym\u002Fintegration\u002Fretail\u002Fsepa\u002Fhtml\u002Findex.en.html",[21],"nofollow","SEPA"," participants.",[10,25,26],{},"Debtors and creditors use SCT Transfers conducted in Euro currency, which include IBANs and BICs for identification.",[10,28,29,30,35],{},"A SEPA Credit Transfer(SCT) involves the exchange of a number of messages between a debtor, their bank, the clearing and settlement (",[17,31,34],{"href":32,"rel":33},"https:\u002F\u002Fdavegarry.com\u002Fwhat-is-clearing-and-settlement\u002F",[21],"CSM",") exchange and the beneficiary bank.",[10,37,38],{},"The SCT relies on 4 actors:",[40,41,42,46,49,52],"ul",{},[43,44,45],"li",{},"Originator, i.e the person making the payment",[43,47,48],{},"Originating bank, i.e the bank which contains the account of the originator",[43,50,51],{},"Beneficiary, i.e. the person receiving the payment",[43,53,54],{},"Beneficiary bank, i.e the bank which contains the account of the beneficiary",[10,56,57],{},[58,59],"img",{"alt":60,"src":61,"title":60},"SEPA Credit Transfer","\u002Fimages\u002F2023-04-15-sepa-credit-transfer-overview\u002Fimage-3.png",[10,63,64],{},"The originator and beneficiary use different ISO 20022 messages to initiate and complete the credit transfer. These messages are categorised as follows:",[40,66,67,70,77],{},[43,68,69],{},"Payment Initiation (Pain). Sent\u002Freceived between the customer and their respective banks.",[43,71,72,73,76],{},"Payment Clearing and Settlement (Pacs). Sent\u002Freceived between the originating\u002Fbeneficiary banks and the ",[17,74,34],{"href":32,"rel":75},[21],".",[43,78,79],{},"Cash Management (Camt). Sent to the originator\u002Fbeneficiary to inform them of their account balances as a result of payment transaction.",{"title":81,"searchDepth":82,"depth":82,"links":83},"",2,[],[85,86],"iso20022","sepa","2023-04-15","md",{},true,"\u002Fblog\u002Foutput\u002Fposts\u002F2023-04-15-sepa-credit-transfer-overview",{"title":5,"description":12},"blog\u002Foutput\u002Fposts\u002F2023-04-15-sepa-credit-transfer-overview\u002Findex",null,"RyNzqZP3D7-wSvs6QL_YBbl63ATTFlf2hgqA9H9Y5fU",1778189599496]