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SEPA CREDIT TRANSFER SCHEME RULEBOOK - ??EPC125-05 SEPA Credit Transfer Scheme Rulebook Version 7.1...

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  • EPC125-05 Version 7.1 Approved

    Date issued: 27 January 2014 Date effective: 1 February 2014

    SEPA CREDIT TRANSFER

    SCHEME RULEBOOK

    Conseil Europen des Paiements AISBL Cours Saint-Michel 30 B 1040 Brussels Tel: +32 2 733 35 33 Fax: +32 2 736 49 88

    Enterprise N 0873.268.927 www.epc-cep.eu secretariat@epc-cep.eu 2013 Copyright European Payments Council (EPC) AISBL:

    Reproduction for non-commercial purposes is authorised, with acknowledgement of the source

    http://www.epc-cep.eu/

  • TABLE OF CONTENTS

    0. DOCUMENT INFORMATION .................................................................................................................. 5 0.1 REFERENCES ........................................................................................................................................ 5

    0.2 CHANGE HISTORY ................................................................................................................................ 6 0.3 PURPOSE OF DOCUMENT ...................................................................................................................... 7

    0.4 ABOUT THE EPC .................................................................................................................................. 8

    0.5 OTHER RELATED DOCUMENTS ............................................................................................................. 8

    1. VISION & OBJECTIVES ........................................................................................................................... 10 1.1 VISION ................................................................................................................................................. 10 1.2 OBJECTIVES ......................................................................................................................................... 10

    1.3 COMMERCIAL CONTEXT FOR USERS AND PROVIDERS OF PAYMENT SERVICES .................................... 11

    1.4 BINDING NATURE OF THE RULEBOOK .................................................................................................. 12

    1.5 SEPARATION OF THE SCHEME FROM INFRASTRUCTURE ........................................................................ 12

    1.6 OTHER FEATURES OF THE SCHEME ...................................................................................................... 12

    1.7 THE BUSINESS BENEFITS OF THE SCHEME ............................................................................................ 13 1.8 MAXIMUM EXECUTION TIME ............................................................................................................... 14

    1.9 COMMON LEGAL FRAMEWORK ............................................................................................................ 14

    2. SCOPE OF THE SCHEME ......................................................................................................................... 15 2.1 APPLICATION TO SEPA ........................................................................................................................ 15

    2.2 DESCRIPTION OF SCOPE OF THE SCHEME.............................................................................................. 15

    2.3 ADDITIONAL OPTIONAL SERVICES ....................................................................................................... 15 2.4 CURRENCY ........................................................................................................................................... 16

    2.5 VALUE LIMITS ..................................................................................................................................... 16

    2.6 REACHABILITY ..................................................................................................................................... 17

    2.7 REMITTANCE DATA ............................................................................................................................. 17

    3. ROLES OF THE SCHEME ACTORS ....................................................................................................... 18 3.1 ACTORS................................................................................................................................................ 18

    3.2 THE FOUR CORNER MODEL ................................................................................................................. 19

    3.3 CLEARING AND SETTLEMENT MECHANISMS ........................................................................................ 20

    3.4 INTERMEDIARY BANKS ........................................................................................................................ 20

    3.5 GOVERNING LAWS ............................................................................................................................... 20

    3.6 RELATIONSHIP WITH CUSTOMERS ........................................................................................................ 20

    4. BUSINESS AND OPERATIONAL RULES .............................................................................................. 21 4.1 NAMING CONVENTIONS ....................................................................................................................... 21

    4.2 OVERVIEW OF THE CREDIT TRANSFER PROCESS & TIME CYCLE ......................................................... 21

    EPC125-05 SEPA Credit Transfer Scheme Rulebook Version 7.1 Approved Page 2 - 27 January 2014

  • 4.3 SEPA CREDIT TRANSFER PROCESSING FLOW ...................................................................................... 23

    4.4 EXCEPTION PROCESSING FLOW ............................................................................................................ 27

    4.5 BUSINESS REQUIREMENTS FOR DATASETS ........................................................................................... 31 4.6 BUSINESS REQUIREMENTS FOR ATTRIBUTES........................................................................................ 36

    5. RIGHTS AND OBLIGATIONS OF PARTICIPANTS ............................................................................ 47 5.1 THE SCHEME ........................................................................................................................................ 47

    5.2 COMPLIANCE WITH THE RULEBOOK ..................................................................................................... 47

    5.3 REACHABILITY ..................................................................................................................................... 47 5.4 ELIGIBILITY FOR PARTICIPATION .......................................................................................................... 48

    5.5 BECOMING A PARTICIPANT .................................................................................................................. 50

    5.6 CREDIT TRANSFER SCHEME LIST OF PARTICIPANTS............................................................................. 50

    5.7 OBLIGATIONS OF AN ORIGINATOR BANK ............................................................................................. 51

    5.8 OBLIGATIONS OF A BENEFICIARY BANK .............................................................................................. 52

    5.9 LIMITATION OF LIABILITY .................................................................................................................... 53 5.10 LIABILITY OF THE EPC ......................................................................................................................... 54

    5.11 TERMINATION ...................................................................................................................................... 54

    5.12 INTELLECTUAL PROPERTY ................................................................................................................... 54

    5.13 CONTRACTUAL PROVISIONS ................................................................................................................. 55

    5.14 APPLICATION OF THE EU LEGISLATION BETWEEN PARTICIPANTS ........................................................ 55

    6. SEPA SCHEME MANAGEMENT............................................................................................................. 56 6.1 DEVELOPMENT AND EVOLUTION ......................................................................................................... 56

    6.2 ADMINISTRATION AND COMPLIANCE ................................................................................................... 56

    7. DEFINED TERMS IN THE RULEBOOK ................................................................................................ 58

    EPC125-05 SEPA Credit Transfer Scheme Rulebook Version 7.1 Approved Page 3 - 27 January 2014

  • TABLE OF FIGURES

    Figure 1: Credit Transfer Overview ................................................................................................. 11

    Figure 2: 4-Corner Model - Illustrative ........................................................................................... 19

    Figure 3: Credit Transfer Process .................................................................................................... 23

    Figure 4: Credit Transfer Recall Process ......................................................................................... 25

    ANNEXES

    Annex I SEPA Credit Transfer Adherence Agreement

    Annex II SEPA Scheme Management Internal Rules

    Annex III Rulebook amendments and changes since v6.1

    EPC125-05 SEPA Credit Transfe

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