SEPA Glossary

Opening days of European payment systems.

Basic Bank Account Number. National identification number of an account. It allows to identify at the same time the banking establishment and the account owner .

International coding system made of 8 or 11 alphanumeric characters, allocated by the ISO (Organization for International Standardization) and meant to identify a banking institution or a company.

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Request made by the debtor to his creditor in order to solve on a friendly manner a disagreement, regarding the contract or the SDD mandate.

Organized system of clearing and settlement, developed by STET, and allowing the exchange of mass operations. It’s purpose is to replace the SIT and to become the future CSM for SEPA.

Any system of exchange, compensation and transfer of payment operations.

Authority created in 2002 by European Banking establishments and professional associations. Its aim is to define means of payment in Europe and putting them in motion.

International Bank Account Number

SEPA creditor identification reference. Unique Identification-number of a creditor who is giving out SDD orders.

International Organization for Standardization

Request made by the debtor’s bank, in order to acquire a refund of one or several SDD transactions, that have already been carried out.

Treatment of exceptions relating to an operation:

      Recall: request made by the creditor to cancel an operation that should not have been introduced to his bank and has not yet been put into the trading system.

      Cancellation request: request made by the creditor’s bank before settlement to cancel a transaction that is already circulating in the trading system.

Dismissal: dismissal of an operation before interbank settlement (expiry date). Request made by the debtor’s bank.

      Refusal:dismissal of a transaction before interbank settlement (expiry date), at the initiative of the debtor. This action is treated as a a "Dismissal" at interbank level.

      Transfer: cancellation after interbank settlement (expiry date), initiated by the creditor or its bank, for a transaction that should have not been setteld.

      Return: dismissal of an operation, after interbank regulations (expiry date), on request of the debtor’s bank.

      Refund:dismissal of an operation, after interbank regulations (expiry date), on request of the debtor. This action is treated as a "Return" to interbank level.

Functional specifications published by the EPC.

Unique Id-number given by the creditor, to every SDD mandate.

Common group of functioning rules, practices and norms governing the provisioning and the operations of a payment instrument admitted at an interbank echelon in a competitive environment.

 Direct debit in euro between customers' accounts inside the unique payment zone. The SEPA direct debit leans on information in accordance to international norms (ISO 20022) and uses IBAN and BIC code to identify account numbers and banks.

Geographical zone inside which every customer can use pan-European payments.

Days on which the debtors or creditors bank exercises an activity, allowing it to carry out an SDD.

The recommended standard of computerlanguages used for Internet exchanges.   The UNIFI norm uses the XML syntax.