print Printer Friendly

Business

Understanding Banking

SEPA Products

The three main SEPA payment products are:

(1) SEPA Credit Transfer (SCT) Scheme

The SEPA Credit Transfer (SCT) scheme makes it possible to make cross-border payments in euro throughout the SEPA zone as securely and efficiently as making payments at home. Ultimately, it will be as simple and straight forward to make a payment transfer from Dublin to Paris as from Dublin to Cork.

The features of the SCT scheme are:

  • SEPA Credit Transfers are payments in euro to any of the SEPA countries.
  • The maximum SCT processing time is currently three business days for delivery to the beneficiary bank. This will be reduced to one business day from 2012.
  • All bank charges are shared between payer and recipient.
  • The IBAN and BIC must be used as account-identifiers.
  • Narrative text of up to 140 characters can accompany the payment.
  • There is a comprehensive set of rules for handling rejected and returned payments.

BOI customers can now make SEPA Credit Transfer payments through three channels:

  • The Bank of Ireland Retail Branch Network.
  • Bank of Ireland's business internet banking service. Business On Line
  • Bank of Ireland's personal internet and phone banking service Banking 365
    (International payments on Banking 365 available in ROI only)
Back to Top

(2) SEPA Direct Debit (SDD) Scheme

SEPA Direct debit (SDD) will make cross-border direct debits possible and is due for launch by the European banking industry in November 2009. Consumers will then be able to pay for goods or services throughout Europe via direct debit as easily, securely and efficiently as they do at home.

The features of the SDD scheme are:

  • SEPA Direct Debits are direct debits in euro to any of the SEPA countries.
  • Terms and conditions for the consumer are standardised across the SEPA zone.
  • SEPA covers both recurrent and one-off direct debits.
  • The maximum settlement time is five business days for the first payment and two business days for recurrent ones.
  • The IBAN and BIC are used as account identifiers.
  • There will be an extensive set of rules for handling rejected and returned Direct Debits.

SEPA Direct Debit is backed by EU legislation - the Payment Services Directive - (PSD)

Back to Top

(3) SEPA Cards Framework (SCF)

The SEPA Cards Framework (SCF) allows card payments and cash withdrawals to be made as easily, safely and efficiently throughout the SEPA zone as at home. This will mean more flexible payment options for people living and travelling throughout the SEPA zone.

The main features of the SCF are:

  • Available for card payments in euro and throughout the SEPA zone only.
  • SEPA changes relate to both credit and debit cards.
  • Card holders can pay or withdraw cash with the same card at home and throughout the SEPA zone.
  • Standardised, improved security PIN code throughout the zone, reducing the risk of fraud.
  • Standardisation of point-of-sale terminals to ensure all SEPA cards can be accepted at a single terminal.

Bank of Ireland's credit and debit cards are all SEPA-compliant. Credit Cards are compliant through Visa and MasterCard, while Debit Cards are compliant with Laser through the international debit card service providers Maestro and Cirrus.

Back to Top

Published Oct 2008