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What is SCT?



Reminder: SEPA

SEPA stands for Single Euro Payments Area. It is a European initiative, launched in 2007 by European financial institutions, and aims to ease and improve the efficiency of cross-border payments and turn the fragmented national markets for euro payments into a single and unified domestic market. SEPA intends to make international payments as fast, easy and secured as domestic payments.

The overall goal of SEPA is to simplify procedures and reduce costs of moving capital around Europe by allowing companies to centralise the management of their payments.The SEPA initiative allows any debtor to make cashless euro payments to any creditor located in the SEPA zone using a single bank account (IBAN) and 3 types of common financial instruments:

  • SCT: SEPA Credit Transfer
  • SDD: SEPA Direct Debit
  • Payment cards (SCF: SEPA Cards Framework)

SEPA Credit Transfer (SCT): Overview

SCT stands for SEPA Credit Transfer.

SCT is a payment method allowing a debtor (consumer) to deposit money on a creditor (merchant) account in euros. It is a standard Credit Transfer that can be performed between countries of the SEPA zone, that complies with European standards.


What information is required?

  • Amount
  • Account of the payer 
  • IBAN of the beneficiary

It is also possible to add a description of the payment motive in 140 characters maximum. The message will be transmitted to the beneficiary of the SCT.


What are the conditions to make a SCT?

The debtor account should have sufficient funds to cover the SCT amount. If not, the debtor might be incurring additional charges from their bank.

The SCT is available on the beneficiary account within 1 open day after the bank of the payer has received the order.


When can I use SCT as a merchant with SlimPay?

SCT can be used to make refunds to your customers who have paid via a SEPA Direct Debit (SDD) and also to transfer your funds from SlimPay account to your bank account. 


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