1. SEPA Instant Credit Transfer User Guide
  2. SEPA Instant Credit Transfer

2 SEPA Instant Credit Transfer

SEPA Instant Credit Transfer (SCT Inst) is an instant payment instrument for the execution of credit transfers in Euro. The messages are exchanged in ISO XML formats over a high speed network resulting in credit to beneficiary’s account in seconds.

Oracle Banking Payments supports execution of SCT Instant payments.

SCT Inst scheme allows a target maximum execution time of 10 seconds to process a payment within which the Beneficiary Bank must report acceptance/rejection of the payment. The services based on the Scheme are available 24 hours a day and on all Calendar Days of the year.

Payment Processing
  • On receiving an SCT Inst payment request, the originator bank completes the necessary validations related to the payment. On processing the payment successfully, the bank makes a reservation of the Amount (amount block) on the Originator’s Account.
  • The Originator Bank instantly prepares pacs.008.001.02 message for SCT Instant Instruction, puts the Time Stamp and forwards the same to beneficiary bank through CSM. The Time Stamp marks the start of the Execution Time Cycle of the SCT Inst Transaction
  • The Beneficiary Bank receives the SCT Inst Transaction from its CSM, verifies whether it can apply the payment to the Beneficiary’s Payment Account and executes various validation checks. The Beneficiary Bank sends the confirmation message back to its CSM within the maximum allowed execution time.
  • The CSM passes on the positive confirmation message to the Originator Bank. Based on this positive confirmation message, the Originator Bank debits the Originator’s account.
  • Beneficiary bank receives a technical confirmation from CSM that its positive confirmation message has been successfully delivered to the CSM, based on which funds are made available to the beneficiary.
  • A ‘Reject’ occurs when an SCT Instant Transaction is not accepted for normal execution under the Scheme because of validation failures or delay in receiving the message. Reject messages contain a reason code by the CSM or beneficiary bank. When Beneficiary Bank has the certainty that its confirmation message cannot reach or has not reached the CSM within the 20 seconds after the Time Stamp, the Beneficiary Bank sends a negative confirmation message with the appropriate reason code to its CSM
  • If the Originator Bank receives a negative confirmation message regarding the SCT Instant Transaction, the Originator Bank cancels the SCT Instant Instruction and revokes the reservation of the Amount on the Originator’s account. It is obliged to immediately report the SCT Inst Transaction failure to the Originator with a reason.
  • The CSM of the Originator Bank or the Originator Bank cannot unilaterally reject the SCT Inst Transaction after the time-out deadline.
  • The Scheme delivers the end-to-end carrying of Customer remittance data on either a structured or an unstructured basis.
Recall Processing
  • An SCT Inst Recall occurs when the Originator Bank requests to cancel an SCT Instant transaction. The Recall procedure can be initiated only by the Originator Bank which may do it on behalf of the Originator. The Originator Bank must send out the SCT Inst Recall within 10 Banking Business Days after the execution date of the initial SCT Inst Transaction.
  • Before initiating the Recall procedure, the Originator Bank checks if the SCT Instant Transaction is subject to only one of the following reasons:
    • Duplicate sending
    • Technical problems resulting in erroneous SCT Inst Transaction(s)
    • Fraudulent originated SCT Inst Instruction
  • The Beneficiary Bank provides the Originator Bank with an answer to the SCT Inst Recall within 10 Banking Business Days following the SCT Inst Recall from the Originator Bank.
  • Beneficiary Bank can charge a return fee to the Originator Bank. This practice is only allowed for a positive response to a Recall. The amount sent back can differ from the initial amount of the SCT Inst Transaction in such cases.
Investigation Messages
  • The Originator Bank sends an SCT Inst status inquiry message pacs.028 to the Beneficiary Bank through CSM to inquire about the actual status of the initial SCT Inst Transaction. This is done if no response is received regarding the status of the payment after an allowed time limit. The current time limit is 25 seconds.
  • Each party in the Interbank Space instantly verifies if it actually received the initial SCT Inst Transaction from the Originator Bank.
  • In case the initial SCT Inst Transaction had not been received by CSM/beneficiary bank, non-delivery of this initial transaction is reported back to the Originator Bank who then rejects the transaction and informs the Originator. If a party in the Interbank Space had received a confirmation message on the initial SCT Inst Transaction, this party is obliged to instantly retransmit this confirmation message to the Originator Bank.
Message versions supported by SCT Inst
  • Pacs.008.001.02
  • pacs.002.001.03
  • pacs.028
  • camt.056.001.01
  • pcas.004.001.02
  • camt.029.001.03