SEPA
PAYMENTS SIGNAL · REFERENCE CARDSEPA Instant Credit Transfer
A euro transfer that completes in seconds, around the clock. The beneficiary bank must answer before funds move, and settlement happens immediately from prefunded positions.
Actors
- Debtor (payer)customer
- Bank Alfa (debtor agent)bank
- Instant CSM (e.g. TIPS-style)infrastructure
- Nordbank (creditor agent)bank
- Creditor (payee)customer
Messages
- pacs.008
- pacs.002
The sequence
| # | Step | Route | Kind |
|---|---|---|---|
| 1 | Instruction — The debtor initiates an instant payment | Debtor → Bank Alfa | message |
| 2 | Validate & screen — Bank Alfa validates in real time | Bank Alfa | internal |
| 3 | Reserve funds — The debtor's funds are reserved | Bank Alfa | posting |
| 4 | pacs.008 — The transfer goes to the instant CSM | Bank Alfa → Instant CSM | message |
| 5 | pacs.008 — Nordbank receives the transfer immediately | Instant CSM → Nordbank | message |
| 6 | Accept / reject — Nordbank decides — now | Nordbank | internal |
| 7 | pacs.002 ACCP — A positive status confirms acceptance | Nordbank → Instant CSM | message |
| 8 | Instant settlement — Settlement happens immediately from prefunded positions | Bank Alfa → Nordbank | settlement |
| 9 | CR creditor — The creditor is credited within seconds | Nordbank | posting |
Exception rails
| Rail | Trigger | Where the money ends up | Next action |
|---|---|---|---|
| Timeout: no answer in time | The beneficiary side does not answer inside the scheme's time limit, so the payment cannot complete. | Never left the debtor's account — the reservation was released. · No settlement occurred; instant schemes settle only on a positive answer. | Instant CSM — The debtor may simply retry; operations monitors whether one participant times out repeatedly. |
| Reject: beneficiary bank says no | Nordbank cannot apply the payment — for example the account is closed or blocked — and answers negatively in time. | Never left the debtor's account. · No settlement — the rejection preceded it. | Nordbank — The debtor checks the beneficiary details; the reason code says what was wrong. |
| Recall refused | Days later the debtor claims the instant payment was sent in error. Instant payments are irrevocable, so getting money back needs the recall procedure — and here it is refused. | Remains with the beneficiary — the scheme cannot force it back. · The original instant settlement stands; nothing was reversed. | Nordbank — The debtor pursues the claim outside the scheme (directly or legally); the banks document the refusal. |