SCT - SEPA Credit Transfer Scheme
As part of the EPC's Roadmap towards achieving SEPA, the SEPA Credit Transfer Scheme will enable payment services providers to offer a core credit transfer service whether for single, bulk and/or repetitive payments. As of 1st January 2008, it is intended that the SEPA Credit Transfer Scheme will replace Credeuro. At this time, the intention is for the scheme to be unlimited in value and there are no deductions from the principal of the payment meaning that the beneficiary receives funds in full. The scheme will also permit the end-to-end carrying of remittance data to ensure delivery through to the beneficiary. The scheme provides for a maximum execution time of 3 days between any point in the Single Euro Payments Area, although many payments may arrive more quickly as is commonplace now.