We can verify many products with our account coverage.
The SCT (sometimes also called SECT) stands for “Sepa Credit Transfer”, a method of transferring funds in the “Single Euro Payments Area”. From a WTSS perspective, we handle SCT’s in three flavours;
The SCT is always a single payment originating 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.
SCTs do not cover payments in currencies other than the euro. This means that domestic payments in SEPA countries that do not use the euro will continue to use local schemes, but cross-border payments will, to a high degree, use SEPA and the euro against eurozone countries.
The MCT (sometimes also called MECT) stands for “Multiple Sepa Credit Transfer”, a method of transferring funds in the “Single Euro Payments Area”. From a WTSS perspective, we handle MCT’s in three flavours;
The MCT counts multiple payments originating from an ordering party holding an account (A) at FI/Bank X towards another 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 a 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 the euro against eurozone countries.
SDD stands for “Sepa Direct Debit”, a method of transferring funds in the “Single Euro Payments Area”. From a WTSS perspective, we handle SDD’s in six flavours;
For SDD’s, WTSS has an SDD Debtor ID. Verifications are not only limited to the actual transfer, but we can also verify the complete runbook, including cancellations 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 that do not use the euro will continue to use local schemes, but cross-border payments will, to a high degree, use SEPA and the euro against eurozone countries.
International payments are all payments that involve more than one RTGS (Real-time_gross_settlement) aka clearing house.
This can either be because the ordering and counter accounts are in different (non-EU) countries and/or because the currency is not EURO.
We also have special accounts in place for several verifications. We host the following ‘special’ accounts
| Type | Description |
|---|---|
| Closed account | An account with a closed state at the FI. Transferring funds to this account will result in an error. An SDD to this account results in an AC04 error |
| Mule account | An account flagged by the FI as being used for money laundering. 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 is to trigger the AM04 message. |