SEPA credit transfers

Banks participating in the euroSIC system are able to send and receive SEPA-compliant credit transfers with minimal technical or organizational efforts (payment type usage or signing of a supplemental agreement).

The foundation for the processing of SEPA-compatible credit transfers in the Single Euro Payments Area after 2008, is the "SEPA Credit Transfer Scheme Rulebook". It defines the rules, practices and standards of the European credit transfer scheme for transaction by the originator to the beneficiary.


Stipulated among the rules is that:

  • the financial institutions participating in SEPA are reachable for SEPA-compatible credit transfers and are also able to execute the same;
  • the credit transfer between the ordering party’s bank and the beneficiary’s bank is to be conducted in euro;
  • the customer’s bank account will be maintained in the euro payments area, but must not necessarily be kept in euro;
  • a maximum credit transfer duration is defined;
  • there are to be no amount limits;
  • the transactions are to be processed using standard formats (ISO 20022) and data content, including the provision of the IBAN and BIC;
  • the processes of payments as well as rejections and returns are followed.

Swiss payment channel

More than 150 out of nearly 190 Swiss and Liechtenstein banks connected to the EPC scheme are using the Swiss SEPA payment channel via euroSIC/SECB/STEP2.