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
• Payments and payment systems