CLIEOP03 to SEPA

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The Multiple European Credit Transfer (M-ECT): Appropriate for customers that use electronic file transfer, in accordance with the requirements of the European Payments Council for standardising transaction types. One generic debit can be created with a M-ECT containing payments to all banks within the SEPA area.

The Single European Credit Transfer (S-ECT): This has the same basic characteristics as the multiple European credit transfer. Processing takes place on the desired day of processing via straight-through- processing. Settlement within the Netherlands takes place on the same day of processing, while settlement outside the Netherlands takes place on processingday + 1 (working)day.

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