Single Euro Payments Area (SEPA)

Single Euro Payments Area (SEPA)

Processing SEPA-Compliant Credit Transfers and Direct Debits via euroSIC

Processing SEPA Payments

Banks from all over Europe process their SEPA-compliant credit transfers and direct debits via the Swiss payment channel of euroSIC / Swiss Euro Clearing Bank (SECB). Participating banks are able to receive and submit SEPA credit transfers because euroSIC is connected to the systems of European payment processors. 

How You Will Benefit

Standardized

Payments are based on internationally standardized processes, terms and formalities

Pan-European

The entire SEPA zone is covered

Interconnected

The euroSIC system is connected to Europe’s most important clearing systems

About This Service

euroSIC participants can easily receive and send SEPA credit transfers and SEPA direct debits, based on the rulebooks and agreements laid out by the European Payments Council (EPC). 

SEPA Credit Transfer

Using the euroSIC system, financial institutions can submit and receive SEPA credit transfers easily.

SEPA Core Direct Debit Scheme

The SEPA Core Direct Debit Scheme Rulebook is the basis for processing SEPA-compliant direct debits for private customers. It stipulates that:

  • debtors must be granted the right to object
  • pre-notification of an upcoming debiting of the debtor by the creditor is required
  • clearly defined chargeback processes exist
  • transactions are processed using standard formats (ISO 20022) and data content (IBAN and BIC)
Swiss Guidelines

SEPA Business-to-Business Direct Debit Scheme

The SEPA Business-to-Business Direct Debit Scheme is used for business customers. It essentially differs from the SEPA Core Direct Debit Scheme in that:

  • the debtor must be a bank or a business,
  • the debtors need not be granted the right to object,
  • no refund is possible once the debtor’s account has been debited, and
  • shorter terms can be used.
Swiss Guidelines

SEPA Direct Debits for Financial Institutions in Switzerland and Liechtenstein

Financial institutions in Switzerland and Liechtenstein that participate in the SEPA direct debit scheme require, among other things, new contracts, new creditor identification numbers (creditor identifiers) and new direct debit authorizations (mandates). Mandates are the prerequisite for collecting payments from the debtors. The debtor thereby authorizes the creditor to debit his/her account at the financial institution provided.

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