General Information

SEPA Procedures

Read More on the SEPA Procedures, Standards and Products.

The SEPA standards apply to the following areas

  • SEPA Credit Transfer: Standardized processing rules for euro transfers
  • SEPA Direct Debit: Standardized processing rules for euro direct debits
  • SEPA Cards Framework: Standardized rules in cards systems
  • Standardized interbank data formats
  • Rules for automated processing centers to handle bulk payments in euros (automated clearing houses, ACH)

The SEPA rules are supported by all banks that have joined SEPA.

Euro Transfers

SEPA Credit Transfer

Main features of the euro transfer

  • Standardized account and bank recognition using IBAN and BIC
  • Maximum of three bank business days from submission of instruction to crediting of account
  • Remittance and booking of full amount of transfer to the beneficiary. Third-party and remitting banks are not permitted to deduct any charges
  • Separate billing of charges. The instructing party's bank is permitted to debit only the instructing party for the transaction. The beneficiary's bank is permitted to debit only the beneficiary for receipt of the payment.

Credit Suisse will support the new standards for euro transfers with the introduction of SEPA as of January 28, 2008.

Pan-European Direct Debits

In contrast to the euro transfer standards, the cross-border standards for the SEPA Direct Debit procedure are new to the entire European financial marketplace.

Main product features of the SEPA Direct Debit

  • Collections (exclusively) in euros
  • Standardized identification of account and bank using IBAN and BIC
  • Possible to make single and recurring collections
  • Standardized SEPA Direct Debit mandate (direct debit authority)
  • Prior notification to the payer by the originator
  • Right of recall for the payer
  • Simplified debtor management thanks to refence numbers

The introduction of SEPA Direct Debit will follow as from 2009.

Standards for Cards Systems

As well as the electronic payments systems, efforts are being made to standardize the cards systems in the SEPA zone (SEPA Cards Framework). SEPA card products will be accepted as extensively in the European internal market as they are in the cardholder's home country. Even today, Credit Suisse already offers its clients SEPA-compliant card systems such as Maestro, American Express, Visa and MasterCard.

Standardized Data Formats and Processing Centers

The new SEPA Standards are based on standardized data formats as agreed by the European banks. At the core of these standards is the application of the International Bank Account Number (IBAN) and Bank Identification Code (BIC). These have been obligatory in euro payment transactions since January 1, 2006. As well as standardized formats, pan-European processing centers have been created to enable automated processing of bulk euro payment transactions.

Individual Solutions, Professional Advice 

Your requirements for payment transaction solutions are as individual as your company. Call the Business Center at the toll-free number 0800 88 88 74* or complete the contact form . We will be pleased to advise you.


* Telephone calls can be recorded. 

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