SEPA Credit Transfer (SCT) enables organisations to use a single payment instrument to make outbound Euro payments across 32 European countries.The SCT scheme facilitates payment initiation, processing and reconciliation based on straight-through-processing (STP).
Origix Corporate offers various modes of operation for SCT's:
- Supplies the beneficiary account details. The user supplies the beneficiary account details as well as providing the amount being paid and the required date of the payment.
- Creates a beneficiary database. The user creates a beneficiary database which holds the account details of each beneficiary along with a user defined reference field that is used to link a payment request to the stored data. The user provides Origix with the date, the amount to be transferred and the associated reference. On receipt of such data Origix Corporate uses the information held in its database to build a complete and enriched record that can be sent to the user's bank. This option provides a much simpler data format for payment instructions and also offers enhanced security since account details are not sent in the domestic payment file.
- Mandate Database. For current users of Direct Debit functionality within Origix Corporate, beneficiary account details can be sourced from the mandate database used for the direct debit process. There is no need to provide the beneficiary account details with the payment instruction but to enable Origix to complete the process the mandate reference must be provided. This option is of particular benefit to users who would occasionally need to make payments to their existing direct debit customers.