With our account coverage we can verify a multitude of products.
The SCT (sometimes also called SECT) stands for “Sepa Credit Transfer”, a method of transfering funds in the “Single Euro Payments Area”. From a WTSS perspective we handlde SCT’s in three flavours;
The SCT is always as single payment orginating from an ordering party, holding an account (A) at FI/Bank X, towards another account (B) at FI/Bank Y (or Z).
If X and Y are the same, we call it a Book-to-Book transfer.
SCT’s does not cover payments in currencies other than the euro. This means that domestic payments in SEPA countries not using the euro will continue to use local schemes, but cross border payments will to a high degree use SEPA and euro against eurozone countries.
The MCT (sometimes also called MECT) stands for “Multiple Sepa Credit Transfer”, a method of transfering funds in the “Single Euro Payments Area”. From a WTSS perspective we handlde MCT’s in three flavours;
The MCT is countains multiple payments orginating from an ordering party, holding an account (A) at FI/Bank X, towards other account(s) (B,C,D) at FI/Bank Y,Z (or X).
If X and Y/Z are the same, we still call it a Book-to-Book transfer since it does not leave the bank. MCT can be batched to be debited as single amount.
MCT’s does not cover payments in currencies other than the euro. This means that domestic payments in SEPA countries not using the euro will continue to use local schemes, but cross border payments will to a high degree use SEPA and euro against eurozone countries.
SDD stands for “Sepa Direct Debit”, a method of transfering funds in the “Single Euro Payments Area”. From a WTSS perspective we handlde SDD’s in six flavours;
For SDD’s WTSS has a SDD Debtor ID. Verifications are not only limted to the actual transfer, but we can also verify the complete runbook including cancelations and/or lack of funds
SDD’s does not cover payments in currencies other than the euro. This means that domestic payments in SEPA countries not using the euro will continue to use local schemes, but cross border payments will to a high degree use SEPA and euro against eurozone countries.
International payments are all payments then involve more than one RTGS (Real-time_gross_settlement) aka claring house.
This can either be since the ordering and counter account are in different (NON EEU) country, and/or that the currency is not in EURO
For several verification we also have special accounts in place. We host the following ‘special’ accounts
Type | Description |
---|---|
Closed account | An account which has a closed state at the FI. Transfering funds to this account will result in an error. An SDD to this account results in a AC04 error |
Mule account | An account flagged by the FI as being used for money laundring. Transfers to this account do not only bounce, but can also be used to trigger internal signals |
SDD-Empty | Account used for SDD’s with a zero credit line. This to trigger the AM04 message. |