The single euro payments area (SEPA) is a system of transactions created by the European Union (EU), approved and regulated by the European Payment Council (EPC).

The SEPA makes it possible for people doing business in these countries to make cashless payments across borders with the same cost and convenience as domestic payments.

SEPA consists of four payment processing schemes:

• The SEPA Credit Transfer Scheme
• The SEPA Instant Credit Transfer Scheme
• The SEPA Direct Credit Core Scheme
• The SEPA Direct Debit Business-to-Business Scheme

These schemes set implementation guidelines for how member nations regulate electronic euro payment processing amongst themselves and the rules for the cancellation process.

The SEPA Credit Transfer Scheme foresees under certain conditions the possibility for the Originator Bank to recall transactions that have been wrongly executed or compromised (scam).
This recall may occur at the request of the Sender himself or because of a processing error by the Bank itself.
The recall is a non-accounting transaction.
It is a request for a refund which implies a response from the Beneficiary Bank, be it positive (funds are returned) or negative (the request is not accepted).

Our specialists can help you review the potential results of such a request and assist with starting the process.