SEPA credit transfer

(SCT). An electronic transfer of euro made under the rules and standards of the SEPA Scheme.

The standardised formats and service levels create: 1. Certainty over data carried and delivered with payments. 2. A requirement for gross payments with a maximum execution time of 3 days, reducing to 1 day from 2012; and 3. Other specifications, for transfers within Europe, whether between or within national boundaries.

See also

• Single Euro Payments Area