SEPA credit transfers (SCT) are based on a common interbank payment scheme (SEPA Credit Transfer Scheme) which defines a common set of rules and processes for credit transfers denominated in Euros. The scheme defines a common service level and a time frame under which banks participating in the scheme must as a minimum conduct SCTs.

Key characteristics of the SEPA credit transfer scheme: SEPA-wide reachability ¿ any customer can be reached. The full amount is credited to the beneficiary¿s account. There is no limit on the value of the payment (unless the individual banks have set limits for the channels available to the customer). The maximum settlement time is three business days (after the date of acceptance of the transfer instructions by the payer's bank). IBAN is the only account identifier. BIC is the identifier of the beneficiary's bank, required to initiate payment. There is a comprehensive set of rules for rejected and returned payments.