SEPA Credit Transfer

The SEPA Credit Transfer scheme was launched in January 2008. It allows consumers and business to transfer money effectively to bank accounts across the Eurozone. SEPA Credit Transfer payments always require a Bank Identification Number (BIC) and International Bank Account Number (IBAN). The SCT enables online businesses to accept payments directly into one bank account instead of managing multiple receiving bank accounts in various Eurozone countries. Other big benefit for merchants is that they will receive SCTs within one business day, regardless whether the SCT relates to domestic or cross-border payments. SEPA Credit Transfers can not be reversed and are guaranteed to the receiving entity.