Clearing & settlement
SEPA Instant Credit Transfer (SCT Inst)TARGET2 / T2 regular credit transfer
Regular euro credit transfer settled in central bank money via TARGET2 (T2) RTGS during business operating hours, serving as the regular payment counterpart to TIPS instant payments.
Why read this
Regular / high-value euro credit transfers settled in Eurosystem central bank money when instant processing is not used or cut-off timing applies.
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Technical view of SEPA Credit Transfer
Messages · pacs.008 → pacs.002
Transaction flow
pacs.008 into T2 RTGS
Clearing layerDebtor bank submits pacs.008 with ClrSys=TGT into TARGET2 (T2) RTGS for central bank money settlement during operating hours.
Messagepacs.008Full detail →
The interbank credit transfer. Everything a PISP initiates eventually becomes one of these. SWIFT and ISO publish successive schema versions (…001.08, …001.10, …001.13); each market picks one via its usage guideline (EPC SEPA, CBPR+, SIC…).
This flow
Also used in
- SEPA credit transfer with decoupled SCA
- Clearing leg: initiation to settlement
- Rejection: reading a pacs.002 RJCT
- SCT Inst happy path (≤10s)
- SCT Inst reject inside the window
- SCT Inst with Verification of Payee
- SCT Inst timeout & investigation
- SIC CHF customer credit (Regular Payment)
- SIC Instant Payment (SIC IP)
- SIC IP timeout and enquiry
- euroSIC EUR clearing leg
- A2A overlay payment (Wero sample)
- Instant Payment (IP) flow via Payment Hub & ILM
- Non-Instant Payment (Standard Batch) flow via Payment Hub & ILM
aspspcsm
ISO 20022 payload· XML
pacs.008 interbank credit transfer
The same payment on the interbank leg. InstdAmt became IntrBkSttlmAmt, an IntrBkSttlmDt appeared, and TxId is now the identifier the CSM quotes in every response.