The SEPA Credit Transfer (SCT), launched in January 2008, is a EUR payment where both originator and beneficiary accounts are held in the SEPA Area. The SCT caters for both single and mass payments.The transaction amount is credited the latest to the Beneficiary Bank within one banking business day, if the payment is initiated before cut-off time.

Also for SEPA Direct Debit (SDD Core), the SEPA EUR Collection launched in November 2009, both originator and debtor accounts must be held in the SEPA Area. SDD transactions are intiated by the beneficiary.

Some particulars about the SDD are that it is the beneficiary who is responsible for storing the original mandate, making the SDD a so-called creditor-driven mandate flow. The debtor bank does not perform mandate controls and mandate storage activities, it receives the mandate-related information with the first collection. SDDs can be used for both one-off transactions and recurring payments.

The SDD must be presented by the Beneficiary Bank to the Debtor Bank no later then one Banking Business Day (D-1) before the due date of the collection. In general the due date is equal to the settlement date.


The Form3 SCT service is a fully managed service that facilitates efficient technical access processing mass payments in Euro through STEP2. The STEP2 platform,launched in 2003, is the Pan-European Automated Clearing House (PE-ACH) of EBA Clearing. The platform runs as a net settlement system.

The Form3 SCT and SDD services are fully compliant with the EPC SCT Rulebook and EBA Clearing specifications supporting both the SEPA Credit Transfer and Direct Debit and exception handling via return, recall, and reversal resources.

Direct Settling Participant


The SEPA Credit Transfer (SCT) and SEPA Direct Debit (SDD) services for Direct Settling Participants are available to credit institutions eligible to hold a RTGS account in Target2.

Direct Settling Participants of the Form3 service are provided with direct technical access to the SCT and SDD systems to exchange messages as a Participant and manage their own liquidity with the system.

Form3's API provides a single interface across the different Form3 EUR services that cover SCT Instant, SCT and SDD.

Indirect Participant


The SEPA Credit Transfer (SCT) and SEPA Direct Debit (SDD) services for Indirect Participants is accessible to credit instiutions, payment institutions or other financial institutions.

The partner participant will retain control of the flow of transaction, will own the Target2 account and must be a Credit Institution.

Form3's API provides a single interface to multiple potential partner participants, providing long term flexibility and allignment with customer’s business model.