The SEPA (Single Euro Payments Area) Rulebook is a comprehensive document that outlines the technical and operational standards for SEPA Credit Transfers (SCT) and SEPA Instant Credit Transfers (SCT Inst).

SEPA Rulebook Overview:

• Purpose: The SEPA Rulebook provides the necessary guidelines and standards for payment service providers (PSPs) to ensure consistent and efficient processing of euro-denominated credit transfers across the SEPA region.
• Scope: It covers the technical specifications, business rules, and operational procedures for SCT and SCT Inst transactions.
• Implementation Guidelines: The rulebook includes detailed implementation guidelines based on the ISO 20022 messaging standard, ensuring uniformity and interoperability in payment processing.

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Key Data and Information Contained:

Transaction Data: Specifies the required data fields for SCT and SCT Inst transactions, including payer and payee information, transaction amount, currency, and remittance information.

Message Formats: Provides the XML message formats for SCT and SCT Inst transactions, ensuring that all PSPs adhere to the same standards for data exchange.

Business Rules: Outlines the business rules for transaction processing, including cut-off times, maximum execution times, and charging principles.

Operational Procedures: Details the operational procedures for initiating, processing, and settling SCT and SCT Inst transactions.

Error Handling: Specifies the procedures for handling errors and exceptions in transaction processing, including rejection and recall processes.

Compliance Requirements: Lists the compliance requirements for PSPs to adhere to the SEPA Rulebook, ensuring legal and regulatory compliance.

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References

• European Payments Council (EPC): SEPA Credit Transfer Rulebook
  https://www.europeanpaymentscouncil.eu/what-we-do/epc-payment-schemes/sepa-credit-transfer/sepa-credit-transfer-rulebook-and
• EPC125-05 Document: SEPA Credit Transfer Scheme Rulebook
  https://www.europeanpaymentscouncil.eu/sites/default/files/kb/file/2020-04/EPC125-05%202019%20SCT%20Rulebook%20version%201.1.pdf
• https://www.europeanpaymentscouncil.eu/what-we-do/epc-payment-schemes/sepa-credit-transfer/sepa-credit-transfer-rulebook-and