The SEPA Credit Transfer (SCT) is a euro payment where both the sending and receiving accounts are registered with banks located in the SEPA area.
ING currently offers SEPA Credit Transfer initiation in 13 countries in the SEPA area. It is possible to receive SEPA Credit Transfer in all SEPA countries. The SEPA Credit Transfer offers companies the opportunity to use a limited number of accounts and a standardised format for the initiation of credit transfers across the SEPA area.
The initiation countries are: the Netherlands, Belgium, France, Spain, Portugal, Luxembourg, United Kingdom, Ireland, Germany, Austria, Switzerland, Italy, Poland, Slovakia, Czech Republic, Hungary, Bulgaria, Romania, and Poland.
ING offers different types of SEPA Credit Transfer. Although the products for the initiation of payments within the SEPA area are harmonised, there are still some country specifics in cut-off times and processing differences to consider.
SEPA Credit Transfer
A SEPA Credit Transfer is the standard single payment to a beneficiary within the SEPA area. The receiving bank will receive the SEPA Credit Transfer within the same day if the payment is initiated before the cut-off time, except when the payment is imitated in Slovakia, Czech Republic, Hungary, Romania and Poland. When a SEPA Credit Transfer is initiated from an account in one of these countries ‘priority high’ needs to be selected in order to be processed on the same working day. The transfer will result in an account statement where transactions are displayed as single debits. For reconciliation or accountancy purposes companies can choose to use an account statement with single debits.
SEPA Credit Transfer Instant
A SEPA Credit Transfer Instant ('instant payment') is a single payment which is credited to the beneficiary account within seconds, 24/7. For instant payments there is no cut-off time, only a day-time shift at 00:00. Instant payments are newly introduced as an additional product type within the SEPA area. For an overview of the product features, roll-out and reachability of banks, visit our instant payments FAQ page.
SEPA Credit Transfer Intra-Company
If you want to make a credit transfer between two accounts that belong to the same economic group of your company and both held within ING, you can opt for the SEPA Credit Transfer Intra-Company.
SEPA credit transfer ING In-house
If you make or receive a SEPA Credit Transfer between two accounts that are held at ING, the payment will be processed as a SEPA Credit Transfer ING In-house. The receiving bank will be credited as soon as possible.
Euro Credit Transfer Real Time
If you want to initiate a high value EUR payment as late (last minute) as possible, you can choose for the Euro Credit Transfer Real Time. The Euro Credit Transfer Real Time will be processed with a cut-off time near the end of the business day.
SEPA Credit Transfer Batch
The SEPA Credit Transfer Batch supports sending a large number of payments. With a SEPA Credit Transfer Batch, a file can be created that includes multiple payments to all banks within the SEPA area. For the account statement, you can choose whether it wants to have the multiple SEPA Credit Transfer presented as a global debit or as a multiple debit.
SEPA Credit Transfer Batch Salary
The SEPA Credit Transfer Batch Salary is intended for salary payments. If the cut-off time is respected, all payments in the batch are processed on the same day and all beneficiaries will receive their salary on the same day. When the cut-off time is missed, the entire batch is required to be processed the next target day (D+1).
SEPA Standing Orders
It is possible to use the SEPA Standing Order for transactions that are initiated regularly, for instance each week or each month. You can save time and reduce the chance of delayed payments by creating a standard order for repetitive payments. Several interactive ING channels provide the opportunity to enter standing orders manually.
Initiation formats SEPA Credit Transfer
Although the initiation XML format for the SEPA Credit Transfer is a standardised format, the formats of XML initiation files for SEPA Credit Transfer can differ between countries and between banks. Therefore, each country has his own specific guideline for SEPA Credit Transfer initiation formats. In most countries there is also a specific ING appendix for the SEPA Credit Transfer format file.