Help articles about SEPA Glossary.
Alphabetical SEPA glossary index with 49 terms.
Internal rejection before submitting the operation to the bank. Does not produce an R-message.
Mandatory SEPA service since October 2025 that checks the beneficiary name matches the IBAN.
Unique reference identifying a SEPA mandate within the creditor's organisation.
Authorised third party allowed to access accounts or initiate payments under PSD2.
Synonym of BIC; identifier standardised on the SWIFT network (ISO 9362).
Charge allocation options in international transfers.
Date the operation actually settles between banks.
Written authorisation from the debtor to the creditor to issue SEPA direct debits.
SEPA scheme for euro direct debits; two variants: CORE and B2B.
CORE is the standard SEPA direct debit (consumers and businesses); B2B is for inter-company collections with restricted refund rights.
SEPA scheme for euro credit transfers; standard since 2008.
Instant variant of SCT: settlement in under 10 seconds, 24/7/365.
Cancellation of an operation initiated by the creditor before settlement.
Settled operation returned for technical reasons (closed account, deceased debtor, etc.).
Operation rejected prior to settlement due to technical or validation issues.
Refund initiated by the debtor after a CORE direct debit has settled.
SEPA message that returns, rejects or refunds a previous operation.
End customer using a payment service (consumer or business).
Entity offering payment services: banks, EMIs, PIs, fintechs.
Notice from the creditor to the debtor before a direct debit, stating date and amount.
ISO 20022 code that classifies the payment purpose (salary, supplier, dividend…).
ISO 20022 schema for SEPA direct debits. Most common version: pain.008.001.02.
ISO 20022 schema for status reports and rejections of a submitted order.
ISO 20022 schema for SEPA credit transfers. Most common version: pain.001.001.03.
International financial messaging standard based on XML. The technical foundation of SEPA.
Spanish company managing inter-bank payment clearing via the SNCE.
International Bank Account Number — unique international identifier of a bank account (ISO 13616).
SEPA direct debit sequence codes: first, recurring, one-off or final.
European body governing SEPA rules and schemes.
Unique identifier that travels with the operation end-to-end between creditor and debtor.
SEPA mandate signed electronically with identity and integrity evidence.
Date requested by the creditor for collection; key in SEPA direct debits.
Individual or company that pays; in SEPA, the holder of the account being debited.
Cut-off time after which the bank processes the operation on the next business day.
Spanish bank-file family for direct debits (19), credit transfers (34) and credit advances (58).
Inter-bank system clearing and settling payment operations.
Individual or company entitled to collect a debt; in SEPA, the party issuing the direct debit.
Three optional characters within the CID to split business lines under the same VAT.
Unique SEPA creditor identifier. Mandatory for issuing direct debits.
Spanish 20-digit legacy account code, replaced by IBAN in 2014.
ISO 20022 schema for bank-to-customer credit and debit notifications.
Spanish instant peer-to-peer and business payment service. Not strictly SEPA.
BIC8 identifies the bank; BIC11 adds three branch-specific characters.
Bank Identifier Code — ISO 9362-standardised identifier that recognises a bank internationally.
ISO standard that defines the format of BIC / SWIFT code.
Basic Bank Account Number — national format of a bank account, nested inside the IBAN.
Set of transfers or direct debits sent to the bank in a single file.
The PSP that holds the customer's account. Usually their main bank.
Spanish banking trade body publishing the legacy bank file formats (Norma 19, 34, 58, etc.).
