Procedural rules for SEPA credit transfers

The Deutsche Bundesbank’s procedural rules for the
clearing and settlement of SEPA credit transfers via the
RPS SEPA-Clearer
(Procedural rules for SEPA credit transfers)
Version 2.4 valid from 30 September 2013
Notes on the English translation
This translation has been prepared with the greatest possible care; however,
in case of doubt, the German text is the authoritative version.
Version 2.4
Page 1 of 36
Version overview
Date
Version
6 July 2007
1.0
2 January 2008
1.1
Comments




2 February 2009
1.2




1.21



31 October 2009
1.2



1 March 2010
1 November 2010
2.0
Duplication check when routed to other CSMs
Commencement of the second settlement cycle in the
STEP2 SCT service
Closure of test procedure following the launch of
SEPA
Clarifications and notes
Change in delivery times for the second delivery from
the SCL
Elimination of annexes 2 and 3 (section VI,
Communication agreements)
Elimination of separate test forms
Inclusion
of
EPC
Scheme
Rulebook
Implementation Guidelines, version 3.2
Definition of participants
Clarifications and notes
and

Change of start time for settlement in the first
submission window

Clarifications and notes

Inclusion
of
EPC
Scheme
Rulebook
and
Implementation Guidelines, version 4.0
Note on future publication of SCL-Directory in rocs
data record format
Definition of addressable BIC holders
Clarifications and notes



Version 2.4
Information added to the SCL-Directory
Duplication check by the STEP2 SCT service in the
case of returns
Elimination of the second settlement cycle in the
STEP2 SCT service
Clarifications and notes
Page 2 of 36
19 November 2011
17 November 2012
2.1
2.2

Inclusion
of
EPC
Scheme
Rulebook
Implementation Guidelines Version 5.0

Addition of two processing windows for the same-day
settlement of SEPA credit transfers

Settlement of payment messages exchanged via
TARGET2

Exclusive provision of SCL-Directory as an XML file in
rocs data record format

Clarifications and notes

Inclusion
of
EPC
Scheme
Rulebook
Implementation Guidelines Version 6.0

Change of delivery and settlement times for fourth
delivery window, already effective since 20 February
2012

Change of submission, delivery and settlement times
for third delivery window, already effective since 7 May
2012

Clarifications and notes
and
and
17 November 2012
2.3

Inclusion of facility offering a bilateral exchange of
SEPA credit transfers (new section IV)
30 September 2013
2.4

Upon request, direct SEPA-Clearer participants have
the option of obtaining the SCL-Directory on a regular
basis from the SEPA-Clearer via the communication
channel used for transmitting files, already effective
since 8 July 2013 (section II, point 7)

Introduction of a new submission window with a cut-off
time of 15.00 and of two additional delivery windows
(section III, specifically points 1.3, 1.4, 2.2.1 and 2.3.2)

Information regarding submission to the new fourth
submission window (section III, point 1.3)

Clarifications and notes
1 February 2014
Version 2.4
Version 7.0 of SEPA Credit Transfer Scheme enters into
force (reference documentation)
Page 3 of 36
Reference documentation
Document
Title
1
EPC125-05
SEPA CREDIT TRANSFER SCHEME RULEBOOK,
Version 7.0 of 30 November 2012
2
EPC115-06
SEPA CREDIT TRANSFER SCHEME INTER-BANK
IMPLEMENTATION GUIDELINES,
Version 7.0 of 30 November 2012
3
EBA
CLEARING
STEP2 SEPA Credit Transfer Service, Functional Description
(RB 7.0)
4
EBA
CLEARING
STEP2 SEPA Credit Transfer Bulk Processing Service, Interface
Specifications (RB 7.0)
5
Deutsche
Bundesbank
General Terms and Conditions
6
Deutsche
Bundesbank
Procedural rules on communication with payment service providers
with a bank sort code via EBICS
7
Deutsche
Bundesbank
Procedural rules on communication via SWIFTNet FileAct for the
Deutsche Bundesbank's Retail Payment System (RPS) and the
RPS SEPA-Clearer (SCL)
8
TARGET2
User Detailed Functional Specifications, 1st book (Version 5.01)
9
TARGET2
Routing/Mapping of Payments and Ancillary System Transactions
(Version 3.0)
10
TARGET2
User Guide for Collection of Static Data (Version 4.4)
Version 2.4
Page 4 of 36
Glossary
Meaning
Abbreviation
BCF
Bilateral Credit File
BCT
SEPA Bilateral Credit Transfer
BIC
Business Identifier Code (ISO 9362)
BPS
Bulk Payments Service (SWIFTNet FileAct)
Bulk (logical file)
Settlement-specific file with group header
CSM
Clearing and Settlement Mechanism
CUG
Closed User Group (SWIFTNet FileAct)
CUG RPS
SWIFTNet FileAct Closed User Group of the RPS (Retail Payment
System)
DS-0n
Numeric dataset designation pursuant to EPC Rulebook und
Implementation Guidelines
CVF
Credit Validation File
EBA CLEARING
Euro Banking Association CLEARING
EBICS
Electronic Banking Internet Communication Standard
EPC
European Payments Council
File
Physical file with file header
FLAM
Frankenstein Limes Access Method
IBAN
International Bank Account Number (ISO 13616)
ICF
Input Credit File
ISD
Interbank Settlement Date
Rocs
Routing Clearing and Settlement
XML message format for routing tables
SCL
SEPA-Clearer
SCT
SEPA Credit Transfer
SDD
SEPA Direct Debit
SCF
Settled Credit File
SEPA
Single Euro Payments Area
SSP
Single Shared Platform
XML
Extensible Markup Language
Version 2.4
Page 5 of 36
Contents
VERSION OVERVIEW ............................................................................................................................................ 2 REFERENCE DOCUMENTATION ............................................................................................................................. 4 GLOSSARY ........................................................................................................................................................... 5 I II INTRODUCTION ........................................................................................................................................ 7 BASIC PRINCIPLES................................................................................................................................... 8 1 PRELIMINARY REMARKS ............................................................................................................................. 8 2 SCOPE AND PARTICIPATION......................................................................................................................... 8 3 SERVICES .................................................................................................................................................... 9 4 PARTICIPATION IN AND ADMISSION TO THE PROCEDURE ........................................................................... 10 4.1 Admission to the test procedure ........................................................................................ 10 4.2 Authorisation for live operation .......................................................................................... 12 5 BUSINESS DAYS ........................................................................................................................................ 14 6 SETTLEMENT OF PAYMENTS ...................................................................................................................... 14 7 ROUTING (SCL) DIRECTORY ..................................................................................................................... 15 8 SECURITY PROCEDURES ............................................................................................................................ 16 9 SYSTEM MALFUNCTIONS ........................................................................................................................... 16 10 DUPLICATE COPIES, ENQUIRIES ................................................................................................................. 17 III PROCESSING OF SEPA CREDIT TRANSFERS (SCT SERVICE) ................................................... 18 1 ELECTRONIC SUBMISSION ......................................................................................................................... 18 1.1 Payments ........................................................................................................................... 18 1.2 File structure for submissions to the SEPA-Clearer .......................................................... 19 1.3 Submission windows ......................................................................................................... 21 1.4 Validating submissions ...................................................................................................... 23 2 ELECTRONIC DELIVERY ............................................................................................................................ 26 2.1 Payments ........................................................................................................................... 26 2.2 File structure for deliveries from the SEPA-Clearer .......................................................... 27 2.3 Further procedural principles applying to delivery ............................................................. 28 IV BILATERAL EXCHANGE OF SEPA CREDIT TRANSFERS (BCT SERVICE) ............................. 31 1 ELECTRONIC SUBMISSION ......................................................................................................................... 31 1.1 Payments ........................................................................................................................... 31 1.2 Submission windows ......................................................................................................... 31 1.3 Validating submissions ...................................................................................................... 33 1.4 Duplication checks ............................................................................................................. 34 1.5 Submissions for which insufficient funds are available ..................................................... 34 2 ELECTRONIC DELIVERY ............................................................................................................................ 34 2.1 Payments ........................................................................................................................... 34 2.2 Delivery windows ............................................................................................................... 34 V SCT/BCT/SCL TECHNICAL SPECIFICATIONS ................................................................................ 36 VI COMMUNICATION AGREEMENTS .................................................................................................... 36 1 SWIFTNET FILEACT ............................................................................................................................. 36 2 EBICS ..................................................................................................................................................... 36 Version 2.4
Page 6 of 36
I
Introduction
The Bundesbank's procedural rules for the clearing and settlement of SEPA credit transfers
via the RPS SEPA-Clearer (Procedural rules for SEPA credit transfers) comply with the
SEPA Credit Transfer Scheme Rulebook adopted by the European Payments Council (EPC).
which, in consultation with the German banking industry, drew up and refined a strategy for
implementing SEPA in the context of interbank payment transactions which takes due
account of the aforementioned rulebook. In terms of the project’s technical implementation,
the Deutsche Bundesbank adhered to this joint strategy, determining its range of services for
the settlement of SEPA credit transfers accordingly.
The Bundesbank's procedural rules for SEPA credit transfers apply to the processing of
interbank SEPA credit transfers and comprise the following documents.

The Deutsche Bundesbank’s technical specifications for the clearing and settlement of
interbank SEPA credit transfers via the RPS SEPA-Clearer

Schema files for XML message types based on ISO 20022 for the processing of
interbank SEPA credit transfers

Collection of sample files based on the valid schema files
The aforementioned EPC and EBA reference documentation contain additional information
on the clearing and settlement of SEPA credit transfers.
Two options are available for processing SEPA credit transfers via the RPS SEPA-Clearer
(SCT service and BCT service), each of which can be used separately. The Deutsche
Bundesbank's services for processing SEPA credit transfers can likewise be used
independently of its services for processing SEPA direct debits (Core/B2B).
Version 2.4
Page 7 of 36
II
Basic principles
1
Preliminary remarks
(1) The joint project of the European Commission, the European Central Bank (ECB) and the
European banking industry, represented by the European Payments Council (EPC) to
establish a Single Euro Payments Area (SEPA) has given rise to a European common
market in which the processing of cross-border and domestic euro payments is effected in a
uniformly simple, cost-effective and secure manner.
To facilitate the processing of SEPA credit transfers, the EPC adopted a standard rulebook
and SEPA data formats based on XML in accordance with ISO 20022.
In principle, uniform standards for the processing of domestic and cross-border eurodenominated credit transfers are available in all SEPA1 countries.
(2) With its Retail Payment System SEPA-Clearer (RPS SEPA-Clearer), the Deutsche
Bundesbank provides a competitively neutral, high-performance and cost-effective payment
system for the clearing and settlement of domestic and cross-border SEPA credit transfers
within the Single Euro Payments Area.
2
Scope and participation
(1) The following procedural rules apply to the processing of SEPA credit transfers via the
Deutsche Bundesbank's RPS SEPA-Clearer and to any necessary routing of payments via
other CSMs.
In addition, the following documents apply in their current version.
a) the General Terms and Conditions of the Deutsche Bundesbank
b) the following reference documents adopted by the EPC

SEPA Credit Transfer Scheme Rulebook

SEPA Credit Transfer Scheme Interbank Implementation Guidelines
(2) In order to obtain authorisation to process SEPA credit transfers in the RPS SEPAClearer, each participant is required to sign the SEPA Credit Transfer Adherence Agreement,
thereby accepting the regulations set out in the SEPA SCT Rulebook as the contractual
basis between himself and the EPC as well as between himself and all other participants.
Direct participation in the SEPA-Clearer is restricted to credit institutions within the meaning
of article 4 (1) of Directive 2006/48/EC. Only other credit institutions within the meaning of
article 4 (1) of Directive 2006/48/EC may be connected to the SEPA-Clearer as indirect
participants via a direct participant. Furthermore, a direct participant is also able to submit
SEPA credit transfers to the SEPA-Clearer as well as receive such transfers on behalf of
other payment service providers (addressable BIC holders).
1
See General Terms and Conditions of the Deutsche Bundesbank, section I subsection 26 (7).
Version 2.4
Page 8 of 36
SEPA credit transfers submitted or received by an indirect participant or an addressable BIC
holder via a direct participant are deemed equivalent to payments submitted or received by
the direct participant himself. The direct participant is bound by such payment orders,
regardless of the content of any contractual or other arrangements between him and any
indirect participant or addressable BIC holder that is using him as an access point to the
SEPA-Clearer.
Each direct participant must ensure that any indirect participant or addressable BIC holder
using him as an access point to the SEPA-Clearer has also signed the SEPA Credit Transfer
Adherence Agreement with the EPC.
The Deutsche Bundesbank is to be notified immediately of any changes to the status of a
direct participant or to the status of an indirect participant or addressable BIC holder
connected that uses him as an access point to the system.
3
Services
(1) The available services comprise


electronic submission
electronic delivery
and the settlement of SEPA credit transfers via the RPS SEPA-Clearer.
The electronic exchange of files with the SEPA-Clearer is effected exclusively by means of
data telecommunication via SWIFTNet FileAct or EBICS and is governed by the
specifications concerning communication set out in the Procedural rules on communication
via SWIFTNet FileAct for the Deutsche Bundesbank’s Retail Payment System (RPS) SEPAClearer (SCL) and the Procedural rules on communication with payment service providers
with a bank sort code via EBICS.
(2) The General Terms and Conditions of the Deutsche Bundesbank forbid the participant
from recalling any SEPA credit transfers submitted by means of data telecommunication.
Version 2.4
Page 9 of 36
4
Participation in and admission to the procedure
4.1
Admission to the test procedure
4.1.1 General information
Outlined below are the framework conditions applying to the integrative tests which have to
be performed successfully before SEPA functions can go live in terms of interbank clearing
operations between credit institutions or their commissioned IT service providers (hereinafter
“institutions”) and the Deutsche Bundesbank.
Mandatory test scenarios and the performance features of the tests themselves are geared
to reveal any different interpretations of the SEPA requirements by the participating
institutions, thereby allowing the software and/or the procedures to be adapted upfront. Here,
the ultimate aim is to bring the participating institutions' software in line with the relevant EPC
documents and the requirements specified in these procedural rules.
To ensure interoperability, the Deutsche Bundesbank's procedural rules are closely aligned
to EBA CLEARING’s specifications regarding the correct completion of dataset fields etc in
the SCT service and take account of individual national requirements.
4.1.2 Registration for performing the test
Applications for initiating the test procedure are to be made using form number 4831 “Test
procedure application form”. The data required for the test procedure are taken from the
applications for productive participation, which must be submitted via the account-holding
branch.
The completed form 4831 is to be sent to
Deutsche Bundesbank
Customer Test Centre Z 421
Postfach 10 11 48
40002 Düsseldorf, Germany
Tel +49 211 874 2343
Fax +49 211 874 3611
E-mail: [email protected]
Applications to perform the requisite upfront communication tests should also be sent to this
address.
Version 2.4
Page 10 of 36
4.1.3 Performing the test
Permission to participate in the integrative tests with the Deutsche Bundesbank's RPS
SEPA-Clearer is restricted to institutions which satisfy the following criteria.

The necessary infrastructure (notably hardware, software, communication channel) is in
place.

The required communications tests (SWIFTNet FileAct or EBICS) with the Deutsche
Bundesbank have been completed successfully.

In-house quality assurance tests have been carried out successfully.

Registration with the Deutsche Bundesbank as a test participant stating the requisite data
(BIC, IBAN, bank sort code, contact person(s) etc).

If participation is to occur via SWIFTNetFileAct, registration either with SWIFT’s generic
service or with its Bulk Payments Service (BPS) as part of the RPS Closed User Group
(CUG RPS) is also necessary.
The tests are coordinated by the Customer Test Centre (section II, point 4.1.2).The following
test scenarios each have to be performed successfully at least once in sender and receiver
mode in conjunction with the SEPA-Clearer.

pacs.008.001.02
SEPA credit transfer, original message

pacs.002.001.03SCL
Rejection of a SEPA credit transfer prior to settlement
(SCT service only), delivered via the SEPA-Clearer with
reference to a pacs.008.001.02 payment message submitted by
the submitter)

pacs.004.001.02
Return of a SEPA credit transfer following settlement by the
creditor bank

camt.056.001.01
Request by
credit transfer

pacs.004.001.02
Return of a SEPA credit transfer by the creditor bank
as
a
positive
response
to
a
camt.056.001.01
request

camt.029.001.03
Negative response from the creditor bank to a camt.056.001.01
request
the
debtor
bank
to
recall
a
SEPA
The individual sub-processes of the test participant in its capacity as the debtor bank and
creditor bank are reviewed as part of the SEPA credit transfer test and the associated Rtransactions.
The test day in the applications of the test participants is the relevant calendar date.
In addition to the mandatory test scenarios listed above, further discretionary tests may be
Version 2.4
Page 11 of 36
performed on the test participant’s initiative, provided the necessary resources are available
at the Customer Test Centre.
All participating institutions must ensure that the test schedule is documented.
4.1.4 Test definition
SEPA payments are routed to other CSMs solely as part of the Deutsche Bundesbank's test
activities involving these CSMs.
4.1.5 Initial certification and renewal of the test certificate
Participating institutions are notified of the successful completion of the required
authorisation tests in writing (initial certification). Similarly, each institution is required to
confirm to the Deutsche Bundesbank (Z 11 Customer services section for payment systems
and account management) that the test has been carried out successfully.
This certification solely encompasses the test cases mentioned in section II, point 4.1.3 and
confirms the successful performance of the tests in conjunction with the SEPA-Clearer under
the conditions (in particular with regard to hardware, software and the communication
channel) prevailing at the time of testing.
If an institution makes adjustments after the initial certification, in particular with regard to
hardware, software or the communication channel, it must obtain new certification and
confirm successful completion of the test.
The scope of the testing required to renew the initial certification is based on the test
scenarios specified in section II, point 4.1.3 and is to be coordinated between the respective
institution and the Deutsche Bundesbank’s Customer Test Centre on a case-by-case basis.
To this end, the relevant institution must contact the Customer Test Centre in good time
before the adjustments go live using the contact details specified in section II, point 4.1.2.
4.2
Authorisation for live operation
4.2.1 Registration
Institutions wishing to participate directly in the RPS SEPA-Clearer SCT service must submit
form 4791 “Application for participation in the Bundesbank's RPS SEPA-Clearer”. For the
BCT service, applicants must complete and return form 4791a “Application for participation in
the bilateral exchange of SEPA files via the Bundesbank's RPS SEPA-Clearer”.
Authorisation for live operation is contingent on successful completion of the test procedure
described in section II, point 4.1. Moreover, it must be possible to settle payments using a
corresponding account on the TARGET2 single shared platform (hereinafter “SSP”) (see
section II, point 6).
By registering to participate, the applicant bindingly accepts the conditions set out in these
procedural rules and confirms that he has signed the SEPA Credit Transfer Adherence
Version 2.4
Page 12 of 36
Agreement with the EPC.
Applications are to be submitted to the responsible Deutsche Bundesbank customer service
team, together with the relevant TARGET2 forms2 (1014 and 2002) which must be completed
to effect settlement with the SEPA-Clearer using the TARGET2 SSP. Individual bank
branches may also apply to participate through the Deutsche Bundesbank customer service
team responsible for their main office, in which case the relevant forms are to be signed by
authorised persons representing the credit institution as a whole.
Through its connection to the “STEP2” pan-European clearing house of the Euro Banking
Association (EBA CLEARING) as a direct participant, the Deutsche Bundesbank SCT
service offers credit institutions the chance to participate in EBA CLEARING’s STEP2 SEPA
Credit Transfer Service (STEP2 SCT service) on an indirect basis. To register for EBA
CLEARING’s STEP2 SCT service as an indirect participant acting through the Deutsche
Bundesbank, the relevant EBA CLEARING registration form is to be submitted via the
responsible Bundesbank customer service team. Interested parties can register with EBA
CLEARING using an eight or eleven-character BIC. If registration occurs on the basis of an
eight-character BIC, the participant must specify all transactions where the first eight digits
match the registered BIC.
When participating via SWIFTNetFileAct, it is additionally necessary to register either with
SWIFT’s generic service or with its Bulk Payments Service (BPS) as part of the RPS Closed
User Group (CUG RPS). The currently valid forms for these services can be downloaded
from www.swift.com. The original document used to register for the relevant SWIFT service
should be sent to SWIFT directly; a copy of this is to be attached to the “Application for
participation in the Bundesbank’s RPS SEPA-Clearer”.
4.2.2 Dates
The Deutsche Bundesbank will inform the institution of the date of initial participation. For
new participants in the SEPA Credit Transfer Scheme, this is largely determined by the date
on which the institution joins the EPC’s SEPA Credit Transfer Scheme. As a general
principle, to avoid inconsistencies between the data content of individual CSM data pools,
admission can only be allowed on the monthly activation dates stipulated in the SCLDirectory (see section II, point 7). The requisite authorisation tests need to have been
completed successfully prior to participation in the RPS SEPA-Clearer. Moreover, it must be
possible to settle payments using a corresponding account on the TARGET2 SSP.
4.2.3 Connecting additional payment service providers
Where an indirect participant or an addressable BIC holder is to be connected to the SEPAClearer SCT service via a direct participant, it is also necessary to complete the following
2
Only applicable where a participant uses his own TARGET2 PM account for the purpose of
settlement. See also section II, point 5 as well as the TARGET2 reference document “User Guide for
the Collection of Static Data”.
Version 2.4
Page 13 of 36
forms.
 4792 “Application for routing changes (RPS SEPA-Clearer) and
 4793 “Declaration of consent (RPS SEPA-Clearer)”
and submit these to the aforementioned Bundesbank branch.
In the event that form 4792 is submitted by a payment service provider which has no
contractual relationship with the Deutsche Bundesbank, a routing system will be set up and
maintained on the basis of the direct participant‘s declaration of consent. Responsibility for
checking and confirming the legitimacy of the indirect participant’s/addressable BIC holder’s
powers of representation lies with the direct participant.
5
Business days
(1) The TARGET2 calendar is the sole relevant schedule for processing payment
instructions. National, regional and local public holidays in Germany which are not
simultaneously TARGET2 holidays are not observed by the SEPA-Clearer.
(2) Processing days in the SEPA-Clearer correspond to calendar days, provided the latter is
are TARGET2 business days.
6
Settlement of payments
The SEPA-Clearer is connected to the TARGET2 SSP as an ancillary system. All submitted
and yet to be delivered settlement-specific payment messages are settled exclusively via
accounts held in the Payments Module (PM accounts) of this platform using “procedure 6”
which is specifically provided for the settlement of ancillary systems. Settlement is possible
either via the participant’s own PM account or the PM account of another direct TARGET2
participant, provided the latter has given his approval beforehand. If this is the case, the
SEPA-Clearer participant must specify the details of the direct TARGET2 participant’s PM
account that is to be used for settlement using form 4792 “Application for routing changes
(RPS SEPA-Clearer)”. The same details must be entered on form 4793 “Declaration of
consent (RPS SEPA-Clearer)” by the relevant direct TARGET2 participant.
Payments are booked several times a day using standardised procedures specific to the
TARGET2 platform by means of a technical sub-account assigned to the PM account; the
same sub-account is used for settling both SCT service and BCT service payments. In each
case, a procedure consisting of several consecutive settlement cycles is automatically set in
process after the cut-off time of a given processing window. For example, the countervalues
of all SEPA credit transfers submitted using the SCT and BCT service that generate debits
are booked in separate cycles. Likewise, the settlement of all SEPA credit transfers delivered
using these two services and resulting in credits are settled separately.
At the start of each SCT/BCT settlement cycle, the liquidity needed for settlement is
transferred automatically through the SEPA-Clearer by means of a current order from the PM
Version 2.4
Page 14 of 36
account3 to the assigned sub-account, making it unnecessary for the account holder to take
independent steps to manage the liquidity available on the sub-account. The amount of
liquidity transferred is equivalent to the total amount of all the SEPA credit transfers
submitted using the SCT and BCT services. If an account holder nevertheless initiates
liquidity transfers or standing orders in favour of the sub-account, these are not taken into
account by the SEPA-Clearer’s automated procedure for managing the liquidity of this subaccount. Upon successful settlement of all the credits and debits passing through a
processing window (SCT/BCT and SDD settlement cycles), ie once the entire settlement
procedure has run its course, any funds that remain available are automatically transferred
from the sub-account back to the assigned PM account.
Notes on the referencing of settlements in the settlement information and electronic account
statements provided by the TARGET2 SSP can be found in the annex to the procedural rules
“SCT/BCT/SCL technical specifications” (section 11)
7
Routing (SCL) directory
To facilitate the processing of SEPA payments via its RPS SEPA-Clearer, the Deutsche
Bundesbank publishes a routing table (SCL-Directory) listing all the payment service
providers that can be reached via the SEPA-Clearer.
The SCL-Directory contains the BICs of all direct participants in the SEPA-Clearer as well as
of all indirect participants and addressable BIC holders. As the EPC has separate and
independent admission paths (known as “adherence processes”) for each scheme (ie SEPA
credit transfer, SEPA Core direct debit and SEPA B2B direct debit), the reachability of each
of the BICs is shown separately for each scheme. Furthermore, for reasons of transparency
and clarity, the reachability of a BIC for SEPA Cor1 direct debits is likewise displayed
separately. No record is provided of individual participants and bilateral relationships
between participants in the BCT service.
The Deutsche Bundesbank routes SEPA credit transfers deriving from the SCT service
which cannot be processed in the SEPA-Clearer via other CSMs. The SCL-Directory
therefore also includes the BICs of those payment service providers that can be addressed
via other CSMs. They are flagged accordingly.
As a standard approach, direct participants in the SEPA-Clearer can download the SCLDirectory in the Deutsche Bundesbank's ExtraNet as an XML file in rocs data record format.
Any queries regarding registration for the ExtraNet or the SCL-Directory available for
download there should be addressed to the Deutsche Bundesbank’s Service Centre for
Computer Centre and Retail Payment Systems Operations (Tel: +49 211 874
3232/3388/3953 or by e-mail [email protected]). Participants can also ask to be
sent the SCL-Directory on the respective publication date directly from the SEPA-Clearer via
the communication channel used for transmitting files. To sign up for this service, participants
3
Only applicable if the required cover is available on the PM account. If need be, partial amounts
equivalent to the funds available on the PM account can be transferred to the sub-account.
Version 2.4
Page 15 of 36
should complete and return form 4791 (annex 1) for SWIFTNet FileAct and form 4750 for
EBICS.
The SCL-Directory is intended for internal use only and its contents may only be shared with
branches, connected indirect participants and BIC holders who can be reached via
participants in the RPS SEPA-Clearer. Commercial use of any data contained therein is
prohibited, even where this has been legitimately shared with an indirect participant or
addressable BIC holder.
Details of the structure, content and administration of the SCL-Directory are made available
by the Deutsche Bundesbank as an XML file in rocs data record format in the form of an
explanatory notice (SCL-Directory Notice) on its website.
Additionally, the Deutsche Bundesbank posts an excerpt from the SCL-Directory on the
internet without assuming any further binding obligations. This excerpt generally allows
interested parties to check whether the BIC of a given payment service provider is
addressable via the Deutsche Bundesbank's SEPA-Clearer.
8
Security procedures
Product-specific security mechanisms, as described in the procedural rules on the relevant
communication procedure, are used to protect against unauthorised access, to identify the
sender, and to safeguard data integrity when exchanging data via EBICS or SWIFTNet
FileAct.
9
System malfunctions
(1) Customers experiencing malfunctions and problems with the SEPA-Clearer should inform
the Bundesbank's RPS coordinator at the Service Centre for Computer Centre and Retail
Payment Operations (see details below)
Deutsche Bundesbank
SZ ZVP/EMZ-Betrieb
Postfach 10 11 48
40002 Düsseldorf, Germany
Tel: +49 211 874 2156/2157
Fax: +49 211 874 2155
E-mail: [email protected]
In the event of SEPA-Clearer related processing malfunctions at the Deutsche Bundesbank,
the RPS coordinator will notify the credit institution's operational/technical contacts, as
designated in the “Application for participation in the RPS SEPA-Clearer of the Deutsche
Bundesbank” (Form No 4791 or 4791a), by telecommunication.
(2) If the Deutsche Bundesbank or a participant is unable to send or receive data or if the
data transfer network is not functioning correctly, the backup “resend” procedure is the only
viable option for making submissions, issuing instructions and/or delivering data. This
Version 2.4
Page 16 of 36
procedure retransmits the file through the defined regular transmission channel once the
ability to send/receive data has been restored or the disruption to the data transfer network
has been eliminated. Data media or voucher procedures are not supported.
(3) The extent of the Deutsche Bundesbank's liability is limited to implementation of the
backup procedure.
10
Duplicate copies, enquiries
(1) Participants are obliged to retain a record of the contents of the
transmitted for a period of at least ten business days and must supply a
immediately if requested to do so by the Deutsche Bundesbank. For
processing queries and complaints, participants must also be able to
information beyond this period.
files they have
replacement file
the purpose of
provide specific
(2) Enquiries regarding payment transactions are to be directed to the Service Centre for
Computer Centre and Retail Payment Systems Operations (for the relevant contact data see
section II, point 9).
The Deutsche Bundesbank does not keep the bulks and transactions contained in files in its
BCT service for tracing purposes.
Version 2.4
Page 17 of 36
III
Processing of SEPA credit transfers (SCT service)
With its SCT service, the Deutsche Bundesbank gives participants the opportunity to process
SEPA credit transfers with other SCT users throughout the Single Euro Payments Area.
SEPA credit transfers which are not processed in the SEPA-Clearer are routed by the
Deutsche Bundesbank via other clearing and settlement mechanisms (CSMs).
1
Electronic submission
1.1
Payments
(1) SEPA credit transfers are submitted to the SEPA-Clearer in interbank format.
The following transaction types are supported, with settlement occuring on the basis of the
listed logical files (bulks).

pacs.008.001.02: SEPA credit transfer, original message

pacs.004.001.02: SEPA credit transfer, return (following settlement or a positive
response to a request from the creditor bank to the debtor bank via
the SEPA-Clearer to recall a SEPA credit transfer)

camt.056.001.01: SEPA credit transfer, payment cancellation request (request by the
debtor bank to recall a SEPA credit transfer following settlement)

camt.029.001.03: SEPA credit transfer, resolution of investigation (negative response
by the creditor bank to a request to recall a SEPA credit transfer)
No limits apply to the amounts of these transaction types.
Transaction type pacs.002.001.03 for a SEPA credit transfer, reject (returned for technical
reasons prior to settlement), is not supported by the SEPA-Clearer as the countervalues
pertaining to the instruction will have already been credited at the time of delivery.
A request to return a SEPA credit transfer following settlement (using the recall procedure) is
possible in accordance with the provisions set out in the SEPA Credit Transfer Scheme
Rulebook. If the SEPA credit transfer in question has not yet been completed, the recall
request is rejected by the Deutsche Bundesbank.
(2) At the end of each business day in the SEPA-Clearer (at around 22.00), each participant
receives a daily reconciliation report for credit transfers (DRC), see section III, point 2.1 (2)
which summarises all the SCT bulk transactions submitted to and delivered from the SEPAClearer on that business day.
It contains the following information regarding electronic submission.

DRC (pacs.008) credit transfer bulks sent body, submitted by the participant

DRC (pacs.004) return bulks sent body, submitted by the participant

DRC (camt.056) payment cancellation request bulks sent body, submitted by the
participant

DRC
(camt.029) resolution of investigation bulks sent body, submitted by the
Version 2.4
Page 18 of 36
participant
For SCT bulks transmitted via a communication partner, submitters receive a corresponding
DRC from this partner. Where a participant submits SCT bulks himself as well as via a
communication partner, two separate DRC messages are produced.
The DRC is not an XML file and it is provided in EBCDIC format.
1.2
File structure for submissions to the SEPA-Clearer
The submitted files must comply with the annex entitled “SCT/BCT/SCL technical
specifications” in terms of both their structure and content and with the schemas described in
the annex to this document. Up to 999 logical files (bulks) can be transmitted in a single
physical file and each bulk may contain no more than 100,000 individual messages
(transaction information, underlying or cancellation details) for a given type of transaction.
File level
Description
File header
Group
assignment
File, physical file level
header Bulk, logical file level
Transaction information,
underlying or
cancellation details
Individual message in a bulk
Restrictions
No restrictions regarding the
number of files submitted during
a business day
Maximum of 999 bulks per file
Maximum of 100,000 individual
messages per bulk
Table 1 - File size limit
Note: When exchanging files via SWIFTNet FileAct, it should be noted that the size of a
single file (including any compressed files) is limited to 250 MB (see section 1, point 4 of the
Procedural Rules on communication via SWIFTNet FileAct for the Deutsche Bundesbank's
Retail Payment System (RPS) and the RPS SEPA-Clearer (SCL)).
Version 2.4
Page 19 of 36
Example: File structure for submitting SEPA credit transfers to the SEPA-Clearer
File header ICF
pacs.008.001.02 (credit transfer)
Group header (bulk 1)
SEPA credit transfer transaction information
pacs.008.001.02 (credit transfer)
Group header (bulk 2)
SEPA credit transfer transaction information
camt.056.001.01 (payment cancellation request)
Group header (bulk 3)
SEPA credit transfer PCR underlying
camt.056.001.01 (payment cancellation request)
Group header (Bulk 4)
SEPA credit transfer PCR underlying
pacs.004.001.02 (return)
Group header (bulk 5)
SEPA return transaction information
pacs.004.001.02 (return)
Group header (bulk 6)
SEPA return transaction information
camt.029.001.03 (resolution of investigation)
Group header (bulk 7)
SEPA credit transfer ROI cancellation details
camt.029.001.03 (resolution of investigation)
Group header (bulk 8)
SEPA credit transfer ROI cancellation details
Table 2 - File structure for submissions (example)
The sequence of the bulks within a single file is determined by the file schema
“BBkICFBlkCdtTrf.xsd”. Accordingly, all the messages of type pacs.008.001.02 (one or more)
have to initially be listed in their entirety. These are followed by messages of the type
camt.056.001.01, pacs.004.001.02 and camt.029.001.03 (one or more in each case).
Version 2.4
Page 20 of 36
1.3
Submission windows
(1) A total of five submission windows are supported in the SEPA-Clearer during a single
operating day.
(2) SEPA credit transfers submitted through the SEPA-Clearer are accepted between 00.00
and 24.00 from Monday to Friday (with maintenance windows for submissions via SWIFTNet
FileAct open from 01.00 to 01.30). In the event of disruption, the Deutsche Bundesbank
offers no support services between 20.00 and 06.00. Instructions transmitted after 20.00 are
buffered by the bank's processing computer until the validation process of the first
submission window commences at around 06.00. Large files, in particular, should be
submitted as early as possible prior to the cut-off time for the preferred submission window
so as to ensure smooth processing.
Payments are executed in line with the acceptance parameters applying to each submission
window and the associated rules for completing fields and/or plausibility checks.
(3) Submissions must be made by the specified final cut-off times. (acceptance is deemed to
have occurred once the transfer to the Bundesbank’s communication computer has been
completed).
First submission window
Business day
D
Settlement date
D
Submission times
After 20.00 on business day D – 1
up to 08.00 on business day D
08.00
Cut-off time
Settlement times
From around 08.05 on day D (debiting of the countervalues of
SEPA credit transfers submitted with a settlement date of D)
Table 3 - First submission window
Second submission window
Business day
D
Settlement date
D
Submission times
After 08.00 on business day D
up to 10.00 on business day D
10.00
Cut-off time
Settlement times
From around 10.05 on day D (debiting of the countervalues of
SEPA credit transfers submitted with a settlement date of D)
Table 4 - Second submission window
Third submission window
Business day
D
Settlement date
D
Version 2.4
Page 21 of 36
Submission times
After 10.00 on business day D
up to 13.00 on business day D
Cut-off time
13.00
Settlement times
From around 13.05 on day D (debiting of the countervalues of
SEPA credit transfers submitted with a settlement date of D)
Table 5 - Third submission window
Fourth submission window
Business day
D
Settlement date
D
Submission times
After 13.00 on business day D
up to 15.00 on business day D
15.00
Cut-off time
Settlement times
From around 15.05 on day D (debiting of the countervalues of
SEPA credit transfers submitted with a settlement date of D)
Table 6 - Fourth submission window
Fifth submission window
Business day
D
Settlement date
D+1
Submission times
After 15.00 on business day D
up to 20.00 on business day D
20.00
Cut-off time
Settlement times
From around 20.05 on day D (debiting of the countervalues of
SEPA credit transfers submitted with a settlement date of D +
1)
Table 7 - Fifth submission window
The above-mentioned settlement times give only a broad indication. The exact settlement
times are contingent on the total number of queued payment instructions.
Note:
Where SEPA credit transfers are routed by the SEPA-Clearer to other CSMs or where such
credit transfers are routed to connected indirect participants by a direct SEPA-Clearer
participant subsequent to delivery from the SEPA-Clearer, it cannot generally be assumed
that these payments wil reach the payers payment service provider on the same business
day. For this reason, participants are advised to submit payment instructions to the SEPAClearer in good time. In particular, payments not initiated by the payer on the current
business day should be submitted through the third submission window at the latest.
Version 2.4
Page 22 of 36
1.4
Validating submissions
1.4.1 Schema validation
SEPA credit transfers submitted in the agreed XML data structures (see section III, point 1.2)
are validated against the XSD schema files to be used (syntax checks). The validation
procedure is interrupted the moment the first format error is identified, in which case a file
reject message specifying error code R10 (parsing error) is generated by the SEPA-Clearer.
This error message is then transmitted to the sender of the file (communication partner).
1.4.2 Checks in the RPS SEPA-Clearer
1.4.2.1 Message transmission in the event of an error
Checking rules which are not contained in the schema are effected in the SEPA-Clearer.
They are described in detail in the annex “SCT/BCT/SCL technical specifications”.
If any inaccuracies or other errors are detected during plausibility checks by the SEPAClearer, or if a payment is not settled owing to a lack of cover, the submitting credit institution
will be sent a pacs.002.001.03SCL message4 specifying an error code via its communication
partner. This message is also used to reject any submitted camt.056.001.01 messages prior
to settlement of the original payment.
Message type 002.001.03SCL informs the submitting credit institution about

submitted SCT bulks which cannot be processed or which have been submitted twice

submitted SCT bulks which have been rejected owing to a lack of cover

errors leading to the rejection of individual payments
A list of error codes and their meanings is included in the annex “SCT/BCT/SCL technical
specifications” (section 7).
Validation and possible rejection of a submitted SEPA credit transfer generally takes place
immediately following submission to the SEPA-Clearer. It should be noted, however, that
validation of submissions

to the first submission window does not commence until around 06.00 on a given SEPAClearer processing day

to the second, third and fourth submission windows does not commence until closure of
the first, second and third delivery windows respectively5

to the fifth submission window does not commence until the preceding delivery window
has closed (at around 17.15, in the sixth delivery window)
Accordingly, no rejections occur until after these times at the very earliest.
4
5
Message type pacs.002.001.03SCL does not form part of the EPC specifications.
See section III, point 2.3.2.
Version 2.4
Page 23 of 36
1.4.2.2 Duplication checks and cross-referencing checks
1.4.2.2.1 SEPA-Clearer
(1) The SEPA-Clearer carries out duplication checks at file, bulk and individual transaction
levels (see annex “SCT/BCT/SCL technical specifications”).
If a file has been rejected, a new file reference must be created when the file is re-submitted.
The data entered in the interbank settlement date field in the ICF bulk group header
(message types pacs.008.001.02 and pacs.004.001.02) is determined by the processing
window of the current operating day in the SEPA-Clearer (see section III, point 1.3).
Business day
Processing window
Interbank settlement date
D
(First submission window and
first delivery window)
D
First processing window
D
Second
window
D
Third processing window
D
(Third submission window and
third delivery window)
D
Fourth processing window
D
(Fourth submission window and
fourth delivery window)
D
Fifth processing window
D
(Fifth delivery window)
D
Sixth processing window
D
(Sixth delivery window)
D
Seventh
window
processing D
(Second submission window and
second delivery window)
processing D + 1 (Fifth submission window and
seventh delivery window)
Table 8 - Completion of “Interbank settlement date” field
(2) The SEPA-Clearer makes no cross-referencing check between the original SEPA credit
transfer and an R-transaction (pacs.004.001.02, camt.056.001.01 or camt.029.001.03); ie
there is no check to establish whether a credit transfer returned by a credit institution using
message type pacs.004.001.02 via the SEPA-Clearer has already previously been submitted
to (and processed by) the SEPA-Clearer by another credit institution using message type
pacs.008.001.02. Furthermore, where a credit institution initiates a request using message
type camt.056.001.01 to recall a SEPA credit transfer that has already been processed, no
validation check is made to ascertain whether the original SEPA credit transfer (message
type pacs.008.001.02) has additionally already been processed through the SEPA-Clearer.
When supplying a response to a request to recall a SEPA credit transfer that has already
been processed (pacs.004.001.02 or camt.029.001.03), no check is made as to whether a
corresponding request has already previously been received and processed via the SEPAClearer. Moreover, no check is made to establish whether such a received and processed
recall request (regarding a SEPA credit transfer) generated a single response, several
responses or no response at all.
Version 2.4
Page 24 of 36
1.4.2.2.2 Other CSMs
The Deutsche Bundesbank routes SEPA credit transfers which cannot be processed in the
SEPA-Clearer via other CSMs.
For information on reference entries at bulk level (message ID and identification) and
individual transaction level (transaction ID, return ID, cancellation ID and cancellation status
ID) of SEPA credit transfers owing to duplication checks and/or cross-referencing checks by
other CSMs, see the note in the annex to the procedural rules “SCT/BCT/SCL technical
specifications” (section II).
1.4.2.3 Submissions for which insufficient funds are available
(1) Submitted SEPA credit transfer instructions are executed only if sufficient funds are
available per logical file (bulk).
(2) The countervalues of submitted SEPA credit transfers are debited to the PM account of
the instructing agent stated in the bulk group header in the course of the relevant settlement
procedure. In the case of SEPA credit transfers submitted through the fifth submission
window, the countervalue of the transfer is already debited on the evening of the day of
submission but post-dated to indicate debiting on the following business day.
(3) Submissions which are not covered at the cut-off time of any given submission window
will not be executed (see section III, point 1.3). The submitter will receive a message type
pacs.002.001.03SCL as notification of a rejection on account of insufficient funds.
Note:
Files which have been rejected from the first submission window can be resubmitted either
via the second, third or fourth submission window during the current business day without
correcting the interbank settlement date field in the bulk group header (message types
pacs.008.001.02 and pacs.004.001.02) or through the fifth submission window of that
business day upon correcting the data entry in the aforementioned field. Files which have
been rejected in the fifth submission window of the current business day may be resubmitted through one of the first four submission windows of the next business day without
correcting the interbank settlement date field (see section III, point 1.3).
1.4.2.4 Erroneous individual payments
Participants receive notification by message type pacs.002.001.03SCL of any errors that
result in individual payments being rejected. A corresponding counter-entry for rejects
initiated by the SEPA-Clearer is automatically shown in the PM account of the instructing
agent specified in the SCT bulk group header in accordance with the gross settlement
principle.
Version 2.4
Page 25 of 36
Files and bulks made up exclusively of erroneous payments will be rejected without being
settled, assuming the SEPA-Clearer has managed to detect the error.
If, while processing SEPA credit transfers that are to be routed via other CSMs, additional
plausibility checks are conducted that result in rejections, the relevant files or individual
payments will likewise be returned using the aforementioned message type. A counter-entry
will similarly be made for files/individual payments rejected by other CSMs. All credit
institutions which can be reached via other CSMs are shown in the SCL-Directory (see
section II, point 7).
For SEPA credit transfers to be successfully routed to the EBA CLEARING’s STEP2 SCT
service, both the payer and the payee must maintain an account with a payment service
provider that participates directly or indirectly in that service. If this requirement is not met
and processing via another CSM is not possible, the countervalue of the payment will be
returned and the submitting credit institution will be informed by message type
pacs.002.001.03SCL that the payment was not executed.
2
Electronic delivery
2.1
Payments
(1) SEPA credit transfers are delivered from the SEPA-Clearer in interbank format.
The following transaction types are supported. They are settled using the following logical
files (bulks).

pacs.008.001.02:

pacs.002.001.03SCL: SEPA credit transfer, reject – SEPA-Clearer (rejections from the
SEPA-Clearer/via other CSMs service owing to erroneous files
or individual payments)

pacs.004.001.02:
SEPA credit transfer, return (following settlement or a positive
response to a request from the creditor bank to the debtor bank
via the SEPA-Clearer to recall a SEPA credit transfer)

camt.056.001.01:
SEPA credit transfer, payment cancellation request (request by
the debtor bank to recall a SEPA credit transfer following
settlement)

camt.029.001.03:
SEPA credit transfer, resolution of investigation (negative
response by the creditor bank to a request to recall a SEPA
credit transfer)
SEPA credit transfer, original message
(2) At the close of every SEPA-Clearer business day (ie at around 22.00), each participant is
provided with a DRC containing the following information regarding electronic deliveries.

DRC (pacs.008) credit transfer bulks received body, delivered to the participant

DRC (pacs.004) return bulks received body, delivered to the participant
Version 2.4
Page 26 of 36

DRC (camt.056) payment cancellation request bulks received body, delivered to the
participant

DRC (camt.029) resolution of investigation bulks received body, delivered to the
participant
2.2
File structure for deliveries from the SEPA-Clearer
Payment instructions are issued on a file basis. Precisely one logical file (bulk) is transmitted
in a single physical file. A bulk may contain no more than 100,000 individual messages
(transaction information, underlying or cancellation details).
File level
Description
Restrictions
File header
File, physical file level
No restrictions regarding
the number of files
delivered during a
business day
Group header assignment
Bulk, logical file level
One bulk per file
Individual message in a bulk
Maximum of 100,000
individual messages in
one bulk
Transaction information,
underlying or
cancellation details
Table 9 - File size limit
Example:
File structure for delivering SEPA credit transfers from the SEPA-Clearer
File header SCF
pacs.008.001.02 (credit transfer)
Group header (bulk 1)
SEPA credit transfer transaction information
File header SCF
pacs.008.001.02 (credit transfer)
Group header (bulk 2)
SEPA credit transfer transaction information
File header SCF
pacs.004.001.01 (return)
Group header (bulk 3)
SEPA return transaction information
File header SCF
pacs.004.001.02 (return)
Group header (bulk 4)
SEPA return transaction information
File header SCF
camt.056.001.01 (payment cancellation request)
Group header (bulk 5)
SEPA credit transfer PCR underlying
Version 2.4
Page 27 of 36
File header SCF
camt.056.001.01 (payment cancellation request)
Group header (bulk 6)
SEPA credit transfer PCR underlying
File header SCF
camt.029.001.03 (resolution of investigation)
Group header (bulk 7)
SEPA credit transfer ROI cancellation details
File header SCF
camt.029.001.03 (resolution of investigation)
Group header (bulk 8)
SEPA credit transfer ROI cancellation details
File header CVF
pacs.002.001.03SCL (reject SCL)
Group header (bulk 9)
SEPA credit transfer transaction information and status (reject SCL)
Table 10 - File structure for deliveries (examples)
2.3
Further procedural principles applying to delivery
2.3.1 Specifications
Deliveries comply with the schema files detailed in the annex “SCT/BCT/SCL technical
specifications”.
Conversion of SEPA credit transfers into legacy formats (eg DTA) is not supported.
2.3.2 Delivery windows
Deliveries from the SEPA-Clearer are made following the cut-off times of each submission
window once the submitted payment messages have been processed and the relevant
countervalues have been debited (ie after settlement has occurred).
In addition, at around 16.30 each business day delivery commences of SEPA credit transfers
received by the SEPA-Clearer from other CSMs, followed – from around 17.15 onward – by
delivery of SEPA credit transfers transmitted to the SEPA-Clearer from the STEP2 system on
behalf of indirect Deutsche Bundesbank participants in the STEP2 SCT service.
As a general principle, the credit entries pertaining to the aforementioned deliveries are
dated to indicate booking on that actual business day.
The countervalues pertaining to SEPA credit transfers delivered after 20.15 are credited
using the value date of the next business day.
Accordingly, the defined cut-off times for submissions result in the following delivery cycles in
the SEPA-Clearer.
Version 2.4
Page 28 of 36
First delivery window from around 08.15
Business day
D
Settlement date
D
Delivery times
From around 08.15
Settlement times
From around 08.30 (crediting of countervalues pertaining to
delivered SEPA credit transfers)
Table 11 - First delivery window
Second delivery window from around 10.15
Business day
D
Settlement date
D
Delivery times
From around 10.15
Settlement times
From around 10.30 (crediting of countervalues pertaining to
delivered SEPA credit transfers)
Table 12 - Second delivery window
Third delivery window from around 13.15
Business day
D
Settlement date
D
Delivery times
From around 13.15
Settlement times
From around 13.30 (crediting of countervalues pertaining to
delivered SEPA credit transfers)
Table 13 - Third delivery window
Version 2.4
Page 29 of 36
Fourth delivery window from around 15.15
Business day
D
Settlement date
D
Delivery times
Settlement times
From around 15.15
From around 15.30 (crediting of countervalues pertaining to
delivered SEPA credit transfers)
Table 14 - Fourth delivery window
Fifth delivery window from around 16.30
Business day
D
Settlement date
D
Delivery times
From around 16.30 (commencement of delivery of SEPA
credit transfers received from other CSMs)
Settlement times
From around 16.30 (crediting of countervalues pertaining to
delivered SEPA credit transfers)
Table 15 - Fifth delivery window
Sixth delivery window from around 17.15
Business day
D
Settlement date
D
Delivery times
From around 17.15 (commencement of delivery of SEPA
credit transfers transmitted to the SEPA-Clearer from the
STEP2 system on behalf of indirect Deutsche Bundesbank
participants in the STEP2 SCT service.)
Settlement times
From around 17.15 (crediting of countervalues pertaining to
delivered SEPA credit transfers)
Table 16 - Sixth delivery window
Seventh delivery window from around 20.15
Business day
D
Settlement date
Delivery times
D+1
Settlement times
From around 20.30 on day D (booking of countervalues
pertaining to delivered SEPA credit transfers with a
settlement date of D + 1)
From around 20.15 on day D
Table 17 - Seventh delivery window
The above-mentioned settlement times give only a broad indication. The exact time of
settlement depends on the total number of queued payment instructions.
Version 2.4
Page 30 of 36
IV
Bilateral exchange of SEPA credit transfers (BCT service)
Direct participants in the SEPA-Clearer are able to bilaterally exchange SEPA credit transfer
files with other direct participants (SEPA bilateral credit transfer – BCT). Participants wishing
to use this facility must notify the Deutsche Bundesbank that they have entered into such a
bilateral agreement or of their intention to do so by completing and returning the relevant
form (4791a).
The BCT service only clears those files that are submitted; unlike the SCT service, it does
not provide clearing at bulk or individual transaction level.
1
Electronic submission
1.1
Payments
The BCT service covers the same transaction types as the SCT service. The structure and
content of the submitted bulks and transactions also mirror those of the SCT service (see
section III, points 1.1 and 1.2). Payments are submitted in a separate file (BCF), after which
they are processed.
The BCT service does not issue daily conciliation reports.
1.2
Submission windows
(1) A total of five submission windows are supported by the SEPA-Clearer in connection with
the BCT service during a single operating day.
(2) Submitted BCFs which have been transmitted to the BCT service through the SEPAClearer are accepted between 00.00 and 24.00 from Monday to Friday (with maintenance
windows for submissions via SWIFTNet FileAct open from 01.00 to 01.30). In the event of
any disruption, the Deutsche Bundesbank offers no support services between 20.00 and
06.00. Instructions submitted after 20.00 are buffered by the bank's processing computer
until the validation process of the first submission window commences at around 06.00.
Large files, in particular, should be submitted as early as possible prior to the cut-off time for
the preferred submission window so as to ensure smooth processing.
BCFs are processed within the acceptance parameters applying to each submission window
and the associated rules for completing fields and/or plausibility checks.
(3) Submissions must be made by the specified final cut-off time. (acceptance is deemed to
have occurred once the transfer to the Bundesbank’s communication computer has been
completed).
Version 2.4
Page 31 of 36
First submission window
Business day
D
Settlement date
D
Submission times
After 20.00 on business day D – 1
up to 08.00 on business day D
Cut-off time
08.00
Settlement times
From around 08.05 on day D (debiting of countervalues
pertaining to submitted BCFs with a settlement date of D)
Table 18 - First submission window
Second submission window
Business day
D
Settlement date
D
Submission times
After 08.00 on business day D
up to 10.00 on business day D
Cut-off time
10.00
Settlement times
From around 10.05 on day D (debiting of countervalues
pertaining to submitted BCFs with a settlement date of D)
Table 19 - Second submission window
Third submission window
Business day
D
Settlement date
D
Submission times
After 10.00 on business day D
up to 13.00 on business day D
Cut-off time
13.00
Settlement times
From around 13.05 on day D (debiting of countervalues
pertaining to submitted BCFs with a settlement date of D)
Table 20 - Third submission window
Fourth submission window
Business day
D
Settlement date
D
Submission times
After 13.00 on business day D
up to 15.00 on business day D
Cut-off time
15.00
Settlement times
From around 15.05 on day D (debiting of countervalues
pertaining to submitted BCFs with a settlement date of D)
Table 21 - Fourth submission window
Version 2.4
Page 32 of 36
Fifth submission window
Business day
D
Settlement date
D
Submission times
After 15.00 on business day D
up to 20.00 on business day D
Cut-off time
16.00
Settlement times
From around 16.05 on day D (debiting of countervalues
pertaining to submitted BCFs with a settlement date of D)
Table 22 - Fifth submission window
Sixth submission window
Business day
D
Settlement date
D+1
Submission times
After 16.00 on business day D
up to 20.00 on business day D
Cut-off time
20.00
Settlement times
From around 20.05 on day D (debiting of countervalues
pertaining to submitted BCFs with a settlement date of
D + 1)
Table 23 - Sixth submission window
The above-mentioned settlement times give only a broad indication. The exact settlement
times are contingent on the total number of queued payment instructions.
1.3
Validating submissions
The BCFs submitted in the agreed XML data structure (see section III, point 1.2) are
validated against the XSD schema files to be used in each case (syntax checks). The
validation procedure is interrupted the moment the first format error is identified, in which
case a file reject message specifying error code R10 (parsing error) is generated by the
SEPA-Clearer. This error message is then transmitted to the sender of the file
(communication partner).
The Deutsche Bundesbank conducts technical tests solely at file level (see annex
“SCT/BCT/SCL technical specifications”). In particular, a check is made to ensure that files
are only exchanged between participants (ie an instructing agent and an instructed agent at
file level) who have notified the Deutsche Bundesbank of the existence of a corresponding
bilateral agreement; if the Deutsche Bundesbank has not been informed of such an
arrangement, the SEPA-Clearer will automatically reject the file, specifying the error code
R97 (rejection of a file owing to the absence of a bilateral agreement).
Technical testing at bulk or individual transaction level offered by the BCT service is limited
to this check. In particular, the Deutsche Bundesbank does not check to ascertain whether
the bulks or individual transactions contained in a file are exclusively destined for the
Version 2.4
Page 33 of 36
participant addressed at file level, nor does it check whether the total amount specified in the
file header matches the sum of all the individual transaction amounts.
1.4
Duplication checks
The SEPA-Clearer only carries out a duplication check at file level in connection with the
BCT service (see annex “SCT/BCT/SCL technical specifications”).
If a file has been rejected, a new file reference must be created when the file is re-submitted.
1.5
Submissions for which insufficient funds are available
(1) Submitted BCF instructions are executed only if sufficient funds are available for the
entire file.
(2) The countervalues of submitted BCFs are debited to the PM account of the instructing
agent stated in the file group header in the course of the relevant settlement procedure.
Where BCFs are submitted through the fifth submission window, the countervalue of the
transfer is already debited on the evening of the day of submission but post-dated to indicate
debiting on the following business day.
(3) Submissions which are not covered at the cut-off time of any given submission window
will not be executed (see section IV, point 1.2). The submitter will be notified by CVF of any
such rejection owing to lack of cover.
2
Electronic delivery
2.1
Payments
BCFs from the SEPA-Clearer in the BCT service are delivered in interbank format according
to the same communication parameters as those used in the SCT service. In this context,
bulks and individual transactions submitted by the bilateral clearing partner using a single file
(see section IV, point 1.1) are not subjected to a technical validation check and are delivered
to the recipient in unchanged format.
Unlike in the SCT service, when delivering BCFs the SEPA-Clearer does not enter the BIC of
the original submitter of the bulk in the instructing agent or assigner field at individual
transaction level; these fields are therefore only completed if the submitter entered this
information upon submitting the file.
The BCT service does not issue daily conciliation reports.
2.2
Delivery windows
(1) Deliveries from the SEPA-Clearer BCT service are made following the cut-off times of
the respective submission windows once the submitted BCFs have been processed and the
relevant countervalues have been debited (ie after settlement has occurred). As a general
principle, the credit entries pertaining to the aforementioned deliveries are dated to indicate
Version 2.4
Page 34 of 36
settlement on that business day.
The countervalues of BCFs delivered after 20.15 are credited using the value date of the
next business day.
Accordingly, the defined cut-off times for submission result in the following delivery cycles in
the SEPA-Clearer.
First delivery window from around 08.15
Business day
D
Settlement date
D
Delivery times
From around 08.15
Settlement times
From around 08.30 (crediting of countervalues for delivered
BCFs)
Table 24 - First delivery window
Second delivery window from around 10.15
Business day
D
Settlement date
D
Delivery times
From around 10.15
Settlement times
From around 10.30 (crediting of countervalues for delivered
BCFs)
Table 25 - Second delivery window
Third delivery window from around 13.15
Business day
D
Settlement date
D
Delivery times
From around 13.15
Settlement times
From around 13.30 (crediting of countervalues for delivered
BCFs)
Table 26 - Third delivery window
Fourth delivery window from around 15.15
Business day
D
Settlement date
D
Delivery times
From around 15.15
Settlement times
From around 15.30 (crediting of countervalues for delivered
BCFs)
Table 27 - Fourth delivery window
Version 2.4
Page 35 of 36
Fifth delivery window from around 16.30
Business day
D
Settlement date
D
Delivery times
From around 16.30
Settlement times
From around 16.30 (crediting of countervalues for delivered
BCFs)
Table 28 - Fifth delivery window
Sixth delivery window from around 20.15
Business day
D
Settlement date
D+1
Delivery times
From around 20.15 on day D
Settlement times
From around 20.30 on day D (booking of countervalues
pertaining to delivered BCFs with a settlement date of D + 1)
Table 29 - Sixth delivery window
The above-mentioned settlement times give only a broad indication. The exact settlement
times are contingent on the total number of queued payment instructions.
V
SCT/BCT/SCL technical specifications
For information on the Deutsche Bundesbank’s technical specifications for the clearing and
settlement of interbank SEPA credit transfers via the RPS SEPA-Clearer (SCL), see the
relevant annex to the procedural rules.
VI
Communication agreements
1
SWIFTNet FileAct
See the Deutsche Bundesbank’s procedural rules on communication via SWIFTNet FileAct
for the Deutsche Bundesbank's Retail Payment System (RPS) and the RPS SEPA-Clearer
(SCL).
2
EBICS
See the Deutsche Bundesbank’s procedural rules on communication with payment service
providers with a bank sort code via EBICS.
Annex
SCT/BCT/SCL technical specifications
Version 2.4
Page 36 of 36

Download Report