SEPA credit transfer
SEPA credit transfer is a euro-denominated noncash transfer of funds to a beneficiary submitted to a bank electronically. A SEPA credit transfer has precisely defined requirements and is executed within SEPA countries between participant banks that have acceded to the conditions for processing SEPA credit transfers (PDF, CSV).
Since its launch on 28 January 2008, more than 4,577 banks from 32 countries have joined in the execution of SEPA credit transfers. They represent more than 95% of payment transactions in SEPA countries. UniCredit Bank Czech Republic and Slovakia, a.s. was among the first banks in the Czech Republic to offer SEPA credit transfers to its clients.
Advantages of SEPA credit transfer
- Payment (without conversion) is always delivered to the beneficiary no later than on the following banking day.
- The transfer amount is not limited.
- The entire transferred amount is credited to the beneficiary’s account; fees are settled separately.
- Payment processing takes place under uniform, standardised conditions.
- The payment format contains an additional text field (end-to-end reference) in which the payer may send additional information.
- The new XML data format of payments allows more payment information to be transferred.
Payment services modifications – SEPA End-Date 31 October 2016
As of 1 November 2016, the Regulation (EU) no. 260/2012 of the European Parliament and the Council comes into effect, which establishes requirements for entering and processing SEPA payments and SEPA direct debits within the 33 SEPA member countries locally, as well as for the payment services mutually operated between those countries. The Regulation fundamentally impacts both the banks and you, our clients.
What are the requirements of the Regulation (EU) no 260/2012?
Regarding euro payment orders within the EU and EEA:
- banks who have acceded the SEPA rulebooks must solely use the ISO 20022 (XML) format in their mutual communication,
- clients must submit their payment orders in the ISO 20022 (XML) format to the banks,
- clients must indicate their account numbers in the IBAN format; and,
- clients are no longer required to indicate the BIC codes.