The SEPA credit transfer payment scheme is an interbank payment scheme with a set of rules and common procedures for making credit transfers in euros. It establishes the level of common services and the time limit that joining financial institutions must meet as minimum requirements for making SEPA credit transfers.

SEPA credit transfer scheme features:

• There is SEPA-wide reachability – any customer can be reached.
• The transfer amount is credited in full to the payee's account.
• There is no limit to the payment amount.
• Maximum term for settlement is three working days. Estimate is for one working day as of 2012.
• There is a difference between the scheme itself and the processing infrastructure.
• IBAN and BIC are used as account identifiers.
• A very comprehensive set of rules for rejected and returned payments.


What is a credit transfer?

It is a payment initiated by the payer. In credit transfers, the payer's bank receives a payment order, which transfers the funds to the payee's bank, possibly through several intermediaries.