What EU SEPA Regulation 260/2012 - Single Euro Payments Area Credit Transfers and Direct Debits requires
Regulation (EU) 260/2012 establishes technical and business requirements for SEPA credit transfers (SCT) and SEPA direct debits (SDD) in euros, mandating IBAN as the sole account identifier, ISO 20022 XML messaging, and T+1 execution time for SCT. All EU PSPs must be reachable for SEPA transactions. National credit transfer and direct debit schemes were replaced by SEPA by August 2014. Amended by Regulation (EU) 2024/886 to add mandatory instant payment reachability.
Pillar: Banking & Global Finance · Authority: European Parliament and Council of the European Union · Version: 1.2.1 · Last updated:
Primary source: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32012R0260
SHA-256 integrity: add14c83a53965d4fbc28dd7248a429ea21a74f5dddced0b5e3bf42c7fbffde0
Primary Citations — 5 traced to source
- Arts 3-8 (reachability, standards, credit transfers, direct debits, mandates) — Regulation (EU) 260/2012 of the European Parliament and of the Council establishing technical and business requirements for credit transfers and direct debits in euro (SEPA Regulation)
- Arts 1-5 (SCT Inst reachability, pricing parity, Verification of Payee, sanctions screening) — Regulation (EU) 2024/886 amending the SEPA Regulation - mandatory instant payments
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