Monday 9th November, 2020
In preparation for the Brexit transition period ending next year the European Payment Council (EPC) has published new measures for UK payment scheme participants (PSPs).
The UK will at that point maintain participation in the Single Euro payments area (SEPA) geographic scope, the EPC said.
The EPC therefore wishes to remind all PSPs of the need to implement without delay the measures below, to ensure a continued smooth processing of cross-border SEPA payments involving a UK-based payment scheme participant after 31 December 2020, the EPC added.
SEPA transactions to be executed or settled as of 1 January 2021 involving a UK-based SEPA payment scheme participant must contain:
For SCT and Instant Credit Transfer (SCT Inst) instructions from the Originator:
• The full address details of the Originator.
• The BIC code of the Beneficiary Bank when the Originator Bank
explicitly requests this data element from the Originator.
For SDD Core and SDD Business-to-Business (B2B) collection files from the Creditor:
• The full address details of the Debtor.
• The BIC code of the Debtor Bank when the Creditor Bank explicitly
requests this data element from the Creditor.