In the previous video, we explained how Payment Market Infrastructures are structured anywhere in the world while focusing on the example of Sweden. Swedish banks can join the Payment Market Infrastructures for the Swedish krona, but they can join European Market Infrastructures as well: Which impact does it have on banks and Sweden and how can […]
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Secrets to understand Payment Market Infrastructures – Sweden part 1
Is there a secret to easily understand payments systems in any country? Do you know the payment market infrastructures of your country and how they are structured? This is the first of a series of videos where we will examine payment market infrastructures of a few countries in the world. And we begin with Sweden. […]
IBAN number: definition, structure and checker
The IBAN number or simply IBAN (International Bank Account Number) serves as the unique identifier for the bank account in SEPA payments. Debtor and Creditor accounts must be provided therein in IBAN formats. But contrary to what many believe, IBANs are not used everywhere in the world as we will see below. This article begins with […]
SEPA Payments Schemes, Instruments, Initiatives and Messages standards
Simply put, SEPA payments are pan-European payments instruments in Euro, created as results of the SEPA project whose aim is to harmonize standards and practices for electronic and cash payments across the SEPA area. The SEPA area consists of 34 countries out of which some do not use Euro as local currency. If you are […]
Main differences between SEPA Direct Debit Core and SEPA Direct Debit B2B Schemes
Before considering the differences between SEPA Direct Debit Core and SEPA Direct Debit B2B Schemes, it is worth reminding ourselves what a scheme is. The European Payments Council (EPC) defines a scheme as following: “A payment scheme is a set of rules which Payment Services Providers (PSPs) have agreed upon to execute transactions through a specific […]
Keys to understand the SEPA messages names
A SEPA message name consists of four letters and a series of numbers. Pacs.008.001.02, Pacs.004.001.02 or Camt.056.001.01 are examples of messages names used in the SEPA Credit Transfer scheme. You may wonder when you see Pacs.008.001.02, why do we have the numbers 008.001.02? And is there any meaning behind? The purpose of this article is […]
The messages exchanged in the SEPA Credit Transfer Scheme
If you have read the previous articles, you should have a pretty good understanding of the Four Corner Model elements: the clearing and settlement systems and the end parties. After having studied these fundamental elements, let us now look at the messages exchanged in SEPA Credit Transfer Scheme between the different parties. We will first […]