SEPA
PAYMENTS SIGNAL · REFERENCE CARDSEPA Credit Transfer
A euro credit transfer from one customer to another through a clearing and settlement mechanism, from initiation to the beneficiary's credit.
Actors
- Debtor (payer)customer
- Bank Alfa (debtor agent)bank
- Clearing & settlement mechanisminfrastructure
- Nordbank (creditor agent)bank
- Creditor (payee)customer
Messages
- pain.001
- pacs.008
The sequence
| # | Step | Route | Kind |
|---|---|---|---|
| 1 | pain.001 — The debtor initiates the transfer | Debtor → Bank Alfa | message |
| 2 | Validate & screen — Bank Alfa validates the instruction | Bank Alfa | internal |
| 3 | DR debtor — The debtor's account is debited | Bank Alfa | posting |
| 4 | pacs.008 — Bank Alfa submits the interbank transfer | Bank Alfa → CSM | message |
| 5 | Clearing cycle — The CSM calculates positions | CSM | clearing |
| 6 | Settlement — Positions settle in central bank money | Bank Alfa → Nordbank | settlement |
| 7 | pacs.008 — The CSM delivers the transfer to Nordbank | CSM → Nordbank | message |
| 8 | Validate & screen — Nordbank validates and screens the incoming payment | Nordbank | internal |
| 9 | CR creditor — The creditor's account is credited | Nordbank | posting |
Exception rails
| Rail | Trigger | Where the money ends up | Next action |
|---|---|---|---|
| Reject: insufficient funds | The debtor's account cannot cover the transfer when Bank Alfa validates the instruction. | Never left the debtor's account — no debit was booked. · No interbank clearing or settlement occurred. | Bank Alfa — The debtor funds the account or amends the instruction and resubmits. |
| Return: account closed | Nordbank finds the beneficiary account closed — after interbank settlement already completed. | Back in the debtor's account after the return settled. · Original settlement completed, then reversed by a separately settled return. | Nordbank — The debtor confirms the beneficiary's current account details before paying again. |
| Recall: duplicate payment | Bank Alfa discovers it sent the same transfer twice and asks for the second one back — after the beneficiary was already credited. | Recovered to Bank Alfa and re-credited to the duplicate's source account. · Original settlement stood; the recall was answered by a separately settled return. | Bank Alfa — Bank Alfa fixes the duplicate-detection gap that let the second instruction through. |