SEPA Instant Credit Transfer (SCT Inst) is an instant payment instrument for the execution of credit transfers in Euro. The messages are exchanged in ISO XML formats over a high speed network resulting in credit to beneficiary’s account in seconds.
Oracle Banking Payments supports execution of SCT Instant payments.
SCT Inst scheme allows a target maximum execution time of 10 seconds to process a payment within which the Beneficiary Bank must report acceptance/rejection of the payment. The services based on the Scheme are available 24 hours a day and on all Calendar Days of the year.
You can invoke ‘Outgoing Faster Payment’ screen by typing ‘PFDOTONL’ in the field at the top right corner of the Application tool bar and clicking on the adjoining arrow button.This screen can be used to manually input the SCT Inst payment details for an outbound transaction..
You can specify the following fields:
Transaction Branch Code
The system indicates the branch from which the customer is logged in.
Host Code
The system indicates the host code that is linked to the transaction branch of the customer
Network Code
The field shows a list of valid network codes from the Network maintenance (PMDNWMNT) with payment type as ‘Faster payment’. This is a mandatory field.
Source Code
This is defaulted to ‘MANL’ and it is non-editable for manually initiated transactions.
Transaction Reference Number
Indicates a unique identifier of the SCT Inst payment transaction and auto-generated by the system based on the common transaction reference generation logic.
End to End ID
End to End ID is populated as the transaction reference. You can modify the same to indicate the End to End ID provided by the originating customer (debit account owner).
Instruction ID
This is an optional field. This is for input of the Instruction ID received from the customer’s payment request.
Click Main tab from the Faster Outgoing Payment screen.:
You can specify the following fields:
Debtor Details
Debtor Account Number
Specify the account number of the debtor. Alternatively, you can select the account number from the option list. The list displays all valid account numbers maintained in the system. This is a mandatory field.
Debtor Account IBAN
This field is auto-populated based on the debtor account selected.
Account Currency
Account currency is defaulted based on the selected debit account.
Account Branch
Account Branch is also defaulted based on the selected debit account.
Debtor Name
This is populated based on debtor account customer.
Debit Amount
This field is populated as the transfer amount converted in debtor account currency. The exchange rate pick up is based on network preferences maintained. This field is disabled for user input.
Customer Number
The system indicates the customer linked to the debtor account.
Customer Service Model
The system indicates the service model linked to the customer.
SSI Label
Select the required SSI label from the list of values so that beneficiary details can appear by default.
This list is populated with valid SSI Labels, applicable for the customer and the Network. This is an optional field
Creditor Details
Creditor Account IBAN
Specify the IBAN of the beneficiary. This is a mandatory field.
Creditor Account Name
Specify the name of the beneficiary. This is a mandatory field.
Creditor Bank Code
Select the required bank code from the list of values. All open and authorized Bank Codes/BIC codes available in local bank directory (PMDBKMNT) applicable for the Network are listed in this field. The listing is based on the ‘Bank Network Identifier’ maintained for Network maintenance (PMDNWMNT).
Payment Details
Booking Date
The current date is defaulted as Booking Date. This is a disabled field for user modification.
Instruction Date
This is defaulted to current application server date. You can modify this date. This is the requested execution date by the customer. Back dates are not allowed.
Activation Date
This date is derived from Instruction date and it is disabled. Since Network / Branch holidays are not applicable for SCT Instant, activation date is the same as instruction date. Payment is submitted to the Clearing Infrastructure (CI) on Activation date and processed by the CI on the same date.
Transfer Currency
This is automatically populated based on the selected Network code and the currency maintained in Network currency preferences (PMDNCMNT) maintenance. This is a mandatory field.
Transfer Amount
Specify the payment amount for transfer. This is a mandatory field.
Exchange Rate
Specify the exchange rate if debit account currency is different from the transfer currency. The system retains the input value and validate the same against override and stop variances maintained in the Network preference.
If exchange rate is not specified, then the system populates the exchange rate on enrich or save, if the transfer amount is less than small FX limit maintained.
FX Reference Number
Specify the FX Reference Number if the External Exchange Rate is applicable and advance FX booking is done.
Enrich
Click this button to trigger computation of Charges and tax on charges, if applicable based on the maintenance for Pricing Code specified in Network Currency Preferences (PMDNCPRF).
Exchange rate is fetched if internal rates are applicable.
Under Main tab, click the Additional Details button in the Outgoing Faster Payment screen.
You can specify the following fields:
Debtor Address
Address 1
Specifies the first line of the debtor’s address.
Address 2
Specify the second line of the debtor’s address.
Country
Specify the country of residence. Alternatively, you can select the country code from the option list. The list displays all valid country codes maintained in the system.
Debtor Private Details
Birth Date
Specify the date of birth of the debtor.
Province Of Birth
Specify the province of birth of the debtor.
City Of Birth
Specify the city of birth of the debtor.
Country Of Birth
Specify the country of birth. Alternatively, you can select the country code from the option list. The list displays all valid country codes maintained in the system.
Debtor Identification
Organization Bank Id
Specify the BIC details in case the organization is a Financial Institution. In case of non-financial specify the BIC assigned to the corporate organization.
Organization Identification
Specify the Identification of the Debtor identification.
Private Identification
Specify the Private Identification details that is issued by a government or private organization to an individual person.
Identification Issuer
Specify the Issuer that provided the identification.
Identification Scheme Code
Specify the Identification Scheme Code from the list of values.
Identification Scheme Proprietary
Specify the Identification Scheme Proprietary details.
Creditor Address
Address 1
Specifies the first line of the creditor’s address.
Address 2
Specify the second line of the creditor’s address.
Country
Specify the country of residence. Alternatively, you can select the country code from the option list. The list displays all valid country codes maintained in the system.
Creditor Private Details
Birth Date
Specify the date of birth of the creditor.
Province Of Birth
Specify the province of birth of the creditor.
City Of Birth
Specify the city of birth of the creditor.
Country Of Birth
Specify the country of birth. Alternatively, you can select the country code from the option list. The list displays all valid country codes maintained in the system.
Creditor Identification
Organization Bank Id
Specify the BIC details in case the organization is a Financial Institution. In case of non-financial specify the BIC assigned to the corporate organization.
Private Identification
Specify the Private Identification details that is issued by a government or private organization to an individual person.
Identification Issuer
Specify the Issuer that provided the identification.
Identification Scheme Code
Specify the Identification Scheme Code from the list of values.
Identification Scheme Proprietary
Specify the Identification Scheme Proprietary details.
Ultimate Debtor Details
Name
Specify the name of the Ultimate Debtor.
Ultimate Debtor Private Details
Birth Date
Specify the date of birth of the Ultimate Debtor.
Province Of Birth
Specify the province of birth of the Ultimate Debtor.
City Of Birth
Specify the city of birth of the Ultimate Debtor.
Country Of Birth
Specify the country of birth. Alternatively, you can select the country code from the option list. The list displays all valid country codes maintained in the system.
Ultimate Debtor Identification
Organization Bank Id
Specify the BIC details in case the organization is a Financial Institution. In case of non-financial specify the BIC assigned to the corporate organization.
Private Identification
Specify the Private Identification details that is issued by a government or private organization to an individual person.
Identification Issuer
Specify the Issuer that provided the identification.
Identification Scheme Code
Specify the Identification Scheme Code from the list of values.
Identification Scheme Proprietary
Specify the Identification Scheme Proprietary details.
Ultimate Creditor Details
Name
Specify the name of the Ultimate Debtor.
Ultimate Creditor Private Details
Birth Date
Specify the date of birth of the debtor.
Province Of Birth
Specify the province of birth of the debtor.
City Of Birth
Specify the city of birth of the debtor.
Country Of Birth
Specify the country of birth. Alternatively, you can select the country code from the option list. The list displays all valid country codes maintained in the system.
Ultimate Creditor Identification
Organization Bank Id
Specify the BIC details in case the organization is a Financial Institution. In case of non-financial specify the BIC assigned to the corporate organization.
Private Identification
Specify the Private Identification details that is issued by a government or private organization to an individual person.
Identification Issuer
Specify the Issuer that provided the identification.
Identification Scheme Code
Specify the Identification Scheme Code from the list of values.
Identification Scheme Proprietary
Specify the Identification Scheme Proprietary details.
After specifying the Debtor Creditor details, click the Other Details tab.
You can specify the following fields:
Purpose Code
Select the purpose code from the list of values.
Remittance Information (Unstructured)
Payment Details 1 -4
Specify the first line of the payment details for the creditor to identify the purpose so that payment can be applied. You can enter a maximum of 35 characters.
Remittance Information (Structured)
Remitter Code
Specify the remitter code details.
Remitter Info Issuer
Specify the Remitter Info Issuer details.
Remitter Info Reference
Specify the Remitter Info Reference details.
Payment Type Information
Category Purpose Code
Select the category of the purpose code from the list of values.
Category Purpose Value
Specify the value of the Category Purpose.
Upon saving of an outgoing SCT Instant payment transaction, the system performs validations for presence of the following mandatory fields:
If the country code embedded in the Creditor Agent BIC has values like ‘PF’, ‘NC’ or ‘WF’, AND the country code embedded in the Debtor Agent BIC does not have one of values like: ‘FR’, ‘GP’, ‘RE’, ‘MQ’, ‘GF’, ‘PM’, ‘PF’, ‘NC’, ‘WF’, ‘BL’, ‘MF’ or ‘YT’, then the individual transaction is rejected. (Field validation as required by EBA RT1)
In party identification for each party (Debtor/Creditor/Ultimate Debtor/Ultimate Creditor), only one of the values in can occur for:
Only one of the values can be present for:
Only one of structured Payment Details or Unstructured Payment details may be present.
Click the Pricing tab from the Faster Payment Outgoing Payment screen.:
Note
You can specify the following fields:
Pricing Component
The system displays the name of the applicable Charge component.
Pricing Currency
The system displays the pricing currency of the component from the Pricing Code Maintenance.
Pricing Amount
The system displays the fixed or calculated charge amount using the Pricing Value Maintenance. You can edit this field to a non-zero value.
Waiver
Check this box to select the charge component to waive the associated charges.
Note
Debit Currency
Displays the debit account currency.
Debit Amount
The system displays the amount debited to the selected debit amount.
Note
Debit Currency is the same as Pricing Currency.
Click on the ‘UDF’ button to invoke this screen.
You can specify user defined fields for each transaction.
Based on the UDF Group linked in the Source Maintenance screen for source code applicable to Manual initiation, UDF fields are available for input while creating the transaction.
Click on the ‘MIS’ button to invoke this screen.
You can specify the MIS details in this sub-screen.
Based on the MIS Group linked in the Source Maintenance screen for source code applicable to Manual initiation, MIS class codes and MIS default values are populated for the SCT Instant payment transaction.
It is possible to change the default MIS values and input values for other MIS fields for which no value is defaulted.
You can view the summary in “Outgoing Faster Payments Summary” screen. You can invoke the Outgoing Faster Payments Summary screen by typing ‘PFSOTONL’ in the field at the top right corner of the Application toolbar and clicking on the adjoining arrow button.
You can search for the records using one or more of the following parameters:
Once you have specified the search parameters, click ‘Search’ button. The system displays the records that match the search criteria.
Note
Creditor Bank Code is not mandatory in the request as the Creditor Bank BIC can be derived from the Creditor IBAN available. All transaction field level validations applicable to user interface is applicable to requests received through web services too.
The time limit for SCT Inst processing by all banks/CSM involved in the process starts from the time stamp put by the Originator’s bank in the outbound message once the required processing is over. Hence, processing queues are allowed for outbound payments for better operational control.
The transaction steps are detailed below:
The transaction can be sent for sanction screening to an external system. The external system status can be linked to one of the following system status:
If sanction is approved, the transaction is resumed with the further processing. In case of seizure, if seizure accounting is applicable, then customer account is debited and the Seizure GL is credited. If the status is rejected, interim or timed out, the transaction is moved to sanction check queue.
Price code is linked in Network Currency preferences. Internal charge/tax values are picked up from Price value maintenance PMDVLMNT for the price code.
Note
Price fetch from External systems is not supported for SCT Instant payments.
The debit account can be in any currency. It is not mandatory to have debit account currency as Euro. The system fetches the internal exchange rate maintained if the transfer amount is within the mall FX limit maintained. If the transfer amount is more than the FX limit maintained and if External exchange rate fetch is applicable, the transaction details are sent to the external FX system for rate fetch. Any failure in rate fetch moves the transaction to exchange rate related Exception queues.
The debit details are sent to the DDA system for account validation and balance check. The external system status can be linked to one of the following system status:
If balance check is approved, the transaction is resumed with the further processing. If the status is rejected, interim or timed out, the transaction is moved to Credit Approval queue.
Note
It is assumed that DDA system will create an amount block on the debit account for the debit amount on a successful ECA check.
Accounting preference can be set at Network preferences for the outgoing transactions. If he preference selected is ‘Before Messaging’ accounting entries will be handed off to Accounting system before Messaging. On payment reject, the reversal entries will be posted.
If the preference is for posting the accounting ‘On Confirmation from CI’, the accounting handoff will be deferred till positive confirmation is received from CSM.
Details in Accounting hand-off | Debit Liquidation | Credit Liquidation | |||
---|---|---|---|---|---|
Accounting Event | DRLQ | CRLQ | |||
Amount Tag | XFER_AMT | XFER_AMT | |||
Transaction Account | Debit Customer Account | Faster Payment Clearing GL maintained in the Accounting code. If Nostro Account is maintained in PMDNCPRF that account is considered. | |||
Offset Account | Intermediary GL: This is picked from the Debit Liquidation Accounting code maintenance. | Intermediary Gl: This is picked from the Credit Liquidation Accounting code maintenance. | |||
Transaction Currency | Debit Account Currency | Transfer Currency | |||
Transaction Amount | Debit Amount | Transfer Amount | |||
Value Date | Transaction Value Date | Transaction Value Date | |||
Offset Currency | Transfer Currency | Transfer Currency | |||
Offset Amount | Transfer Amount | Transfer Amount | |||
Local Currency Amount | Transfer amount (in Local Currency) | Transfer amount (in Local Currency) |
Every payment generates a pacs.008 message with group header details. Time stamp put in the message are stored for the transaction.
While generating the pacs.008 message, the following values are populated for SCT Inst:
The message is forwarded to Clearing Infrastructure.
Notification is sent to debtor customer that indicates the status of the payment.
The following are the operations which are supported in the Outgoing Payments Input Screen:
The Faster Payment Outgoing Payment View Screen has the following details:
SCT Inst payment Outgoing transaction view screen allows you to query the payment details.
You can invoke ‘Faster Payment Outgoing Payments View’ screen by typing ‘PFDOVIEW’ in the field at the top right corner of the Application tool bar and clicking on the adjoining arrow button...
You can specify the following fields:
Click the All Messages button in the View Outgoing Faster Payments screen.
Click the “All Messages” link in the transaction input screen to invoke this sub-screen.
The system displays the message details like Message Identification, Message Type, Direction and Message Date.
SCT Inst scheme rules allow the customers to send the payment requests with future value date. Such requests are processed by the system till sanction screening on booking date and are marked as future valued.
On value date future dated transaction job processes the payments starting from the initial validations.
The Faster Payment Incoming Payment View Screen has the following details:
You can invoke ‘Faster Payment Incoming Payments View’ screen by typing ‘PFDIVIEW’ in the field at the top right corner of the Application tool bar and clicking on the adjoining arrow button..
This section lists the major maintenances that are required for processing of outward and inward Faster Payments.
For maintenance details, please refer to Payments –Maintenance User Manual
A recall happens when an Originator Bank requests to cancel a SEPA Instant Credit Transfer. The recall can be requested by the originating customer. The recall procedure must be initiated by the Originator Bank within the number of days maintained as Recall days in Network Preferences after the execution date. A recall procedure is initiated for the following reasons:
Note
Only outgoing payment transaction in ‘Processed’ and ‘Future Valued’ status will be al- lowed to be selected for recall processing.
You can access the FP Recall Request Screen by typing PFDOTRCL in the field in the top right corner of the application tool bar and clicking on the adjoining arrow button.
Recall Reference Number
System defaults the recall reference number.
Recall Date
Specifies the date on which the recall was initiated. This date is defaulted as recall booking date.
Customer Initiated
Specify if the customer initiated the recall.
Original Payment Reference
Select the Original Payment Reference. All outgoing payments with payment type as ‘ACH’ and transaction status as ‘Processed’ or ‘Future Valued’ are listed for this field.
On selecting the Original Transaction Reference, the information related to the transaction is defaulted in the below listed fields:
Original Transaction Details
Recall Reason
While initiating a Recall request, you can specify the reason for the recall. All valid reject codes applicable for the Network for the operation ‘Payment Recall ‘ are listed for this field.
Reason Description
Based on the Reason code chosen ,reason description is defaulted.
Additional Recall Information
If the reason code entered is ‘FRAD’ then you can provide additional details in this field.
Originator Name
Specifies the name of the Originator.
Originator Bank
Specifies the name of the Originator Bank.
Note
Either Originator name or Originator Bank code can be captured as part of recall request
Response Details
Response details are populated if a positive response is received from Beneficiary bank.
Response Reference
Specifies the reference of the response.
Response Date
Specifies the date on which the response was created.
Reason Code
Specifies the reason code.
Reason Details
Specifies the reason for recall.
Compensation Amount
Specifies the compensation amount.
Network Reject Details
Network reject details are populated if the recall request sent is rejected by the CSM.
Reject Reference
Specifies the reference for rejection.
Reject Received Date
Specifies the date on which the reject was received.
Reject Code
Specifies the reject code.
Reject Reason
Specifies the reason for rejection.
You can invoke the ‘FP Recall Request Summary’ screen by typing ‘PFSOTRCL’ in the field at the top right corner of the application toolbar and clicking the adjoining arrow button.Click new button on the Application toolbar.
You can click ‘Search’ button to view all the pending functions. However, you can to filter your search based on any of the following criteria:
When you click ‘Search’ button the records matching the specified search criteria are displayed.
If pacs.004 is received with reject reason ‘FOCR’ – Following Cancellation Request, as response of a recall request, then it is matched with original outgoing transactions with ‘Recall Requested ‘status.
On getting the parent transaction, further matching is done for the following fields:
Original transaction is marked as Returned. Return of the outgoing payment transaction is processed.
ECA and accounting related to incoming return is done.
No further action is allowed for a Recall Accepted transaction. Acceptance details are available for viewing.
You can access the FP Recall Response Input Screen by typing PFDITRCL in the field in the top right corner of the application tool bar and clicking on the adjoining arrow button.
Recall requests received by the Beneficiary Bank are available in this screen.You can query the records and provide positive/negative response to the Originating Bank.
You can query the available records by providing the Incoming Recall reference number.
The following details is defaulted:
You can unlock the record and provide the recall response details:
Recall Response
You can either accept or reject the recall request received.
Reject Reason
The applicable reject code for the action can be selected
Reason Description
Reason description is populated based on the Reject reason chosen.
Charge Amount
If the recall request is accepted you can mention the charge amount applicable. This amount is reduced from the payment amount while returning the funds.
On clicking Process Charge button, the system defined charge is defaulted. The charge is populated based on the Recall Acceptance Price code maintenance for the transaction type ‘Incoming’ in Network Currency Preferences. You can override the defaulted charge.
You can invoke the ‘FP Recall Response Summary’ screen by typing ‘PFSITRCL’ in the field at the top right corner of the application tool-bar and clicking the adjoining arrow button.Click new button on the Application tool-bar.
You can click ‘Search’ button to view all the pending functions. However, you can to filter your search based on any of the following criteria:
When you click ‘Search’ button the records matching the specified search criteria are shown.