SEPA SCT Payment Scheme
Raiffeisen banka has joined the SEPA Credit Transfer (SCT) payment scheme which standardizes cashless euro payments among SEPA area members, with lower fees and fast execution.
Lower fees
SEPA payments in euros have lower and foreseeable costs.
Fast execution
In the SEPA Credit Transfer scheme payment orders are processed on workdays and will be effected on the following workday at the latest.
Simple sending
Choose euro currency, cost option SHA and enter the beneficiary’s account in IBAN format. When these requirements are fulfilled, the payment order is sent through SEPA.
What is SEPA
SEPA (Single Euro Payments Area) is a single payment zone where transfers in euros are realized quickly, predictably and according to standardized rules.
SEPA includes more than 40 countries at the moment:
- EU countries
- Countries of the European Economic Area (EEA)
- Countries that joined additionally — e.g. Switzerland, Great Britain, Monaco, San Marino, Albania, Montenegro.
For the newest list of countries in the SEPA payment zone, check the official register of participants here.
SEPA Payment Benefits
- Lower and predictable costs.
- Fast payments – the money is available to the beneficiary on the same day or on the following workday (D+0 / D+1).
- The payment beneficiary receives the full amount, and the fee can be calculated and charged separately.
- Fewer intermediaries in transaction realization.
- Precisely defined execution rules.
Key Elements of SEPA Payment Orders
Currency EUR – SEPA paymentorders are executed only in euros.
IBAN is mandatory – to send money, the beneficiary’s IBAN is required from any SEPA country.
Costs – SHA option is mandatory – each party pays the fee of their bank.
Time period – transactions are processed:
- D+0 – the same workday
- D+1 – the following first workday
If the payment order does not have all the above mentioned characteristics, it will not be effected through the SEPA payment scheme.
Differences between SEPA and SWIFT Payments
Geographical area | SEPA zone (EU + joining countries/territories) | Globally |
Currency | EUR | All currencies shown on the bank‘s exchange rate list |
Costs | SHA | OUR/BEN/SHA |
Speed | D+0 / D+1 | D+0 / D+1/D+2 |
Beneficiary’s account data | IBAN | IBAN or other account format |
SEPA Incoming Payments – What is Changing?
To receive money through the SEPA SCT payment scheme, the beneficiary needs to have a foreign currency account.
Incoming payments through the SEPA SCT payment scheme are approved to the beneficiary’s account without delay.
When the bank notifies the beneficiary of the incoming payment, the beneficiary is under the obligation to inform the bank as regards the basis of payment, as well as to submit any accompanying documents if necessary for incoming payment processing.
Procedure of Processing SEPA and SWIFT Incoming Payments
Process flow | SEPA | SWIFT |
1 | The bank receives the coverage and incoming payment data | The bank forwards the incoming payment information to the client |
2 | The bank credits the client’s account | The client provides the bank with the payment basis and accompanying documents, if necessary |
3 | The bank notifies the client regarding the incoming payment | The bank receives the coverage |
4 | The client is under the obligation to inform the bank as regards the payment basis and submit the accompanying documents, if needed, within two workdays days at the latest | The bank credits the client’s account |
SEPA – Questions and Answers
What are the benefits of joining the SEPA zone? Learn about key changes in sending and receiving payments, benefits for the corporate segment and all the ways in which this system makes your everyday payments more cost-effective.