Interactive SEPA Glossary

Search and understand the most important SEPA terms. Clear definitions with links to related tools.

IBAN — International Bank Account Number

International standardized bank account number. In Spain it has 24 characters.

Related: BIC CCC
identifiers
UMR — Unique Mandate Reference

Unique reference identifying a SEPA mandate. Maximum 35 characters.

Related: SEPA Mandate Creditor ID
mandates
pain.008

ISO 20022 XML format for SEPA direct debit orders (collection remittances).

Related: pain.002 ISO 20022
files
FRST

First. Sequence type indicating the first debit submitted against a mandate.

Related: RCUR OOFF FNAL
payments
RCUR

Recurring. Sequence type for recurring debits (second onwards).

Related: FRST OOFF
payments
OOFF

One-Off. Single, one-time debit against a mandate.

Related: FRST FNAL
payments
FNAL

Final. Last planned debit against a recurring mandate.

Related: RCUR FRST
payments
SDD — SEPA Direct Debit

SEPA direct debit. The domiciled collection mechanism in the SEPA zone.

Related: SCT CORE B2B
payments
SCT — SEPA Credit Transfer

SEPA credit transfer. The equivalent for payments (not collections).

Related: SDD
payments
CORE

SEPA direct debit scheme for individuals. Allows refund within 8 weeks.

Related: B2B SDD
payments
B2B

SEPA direct debit scheme between businesses. No refund right.

Related: CORE SDD
payments
TARGET2 — Trans-European Automated Real-time Gross Settlement Express Transfer

European interbank payment system. Its business days determine when SEPA debits are processed.

Related: D-day
deadlines
Creditor ID — Creditor Identifier

Unique code identifying the creditor in the SEPA scheme. In Spain: ES + 2 CD + suffix + NIF.

Related: NIF/CIF UMR
identifiers
BIC — Bank Identifier Code

SWIFT code identifying a bank. No longer mandatory for intra-European SEPA payments.

Related: IBAN
identifiers
CCC — Customer Account Code

Old Spanish 20-digit bank account format, replaced by IBAN.

Related: IBAN
identifiers
SEPA Mandate

Signed authorization by the debtor allowing the creditor to initiate direct debit collections.

Related: UMR Creditor ID
mandates
Pre-notification

Prior notice to the debtor before a SEPA collection. Minimum 14 calendar days.

Related: SEPA Mandate D-day
mandates
D-day

Collection date (settlement date). Submission deadlines are calculated by subtracting business days.

Related: TARGET2
deadlines
36-month rule

A SEPA mandate expires if no debit is submitted within 36 consecutive months.

Related: SEPA Mandate
mandates
pain.002

XML format for SEPA payment status/rejection messages.

Related: pain.008
files
Remittance

Collection of debits grouped in a single file to send to the bank.

Related: pain.008 SDD
payments
CtrlSum — Control Sum

XML file field containing the total sum of amounts.

Related: NbOfTxs pain.008
files
NbOfTxs — Number of Transactions

Total number of transactions in a file or block.

Related: CtrlSum
files
EPC — European Payments Council

Organization that defines SEPA scheme rules.

Related: SEPA
payments
ISO 20022

International standard for electronic financial messaging. Base of pain.xxx formats.

Related: pain.008 pain.002
files
EndToEndId

Unique end-to-end identifier for each individual transaction.

Related: MsgId PmtInfId
files
ReqdColltnDt — Requested Collection Date

Requested debit collection date.

Related: D-day TARGET2
files

Related tools

Mandate Lifecycle

Interactive diagram of the complete SEPA mandate lifecycle.
SEPA Compliance Test

Interactive quiz to assess your SEPA compliance.
TARGET2 Calendar

Calendar of TARGET2 banking business days with holidays marked.

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