SEPA Glossary

Field or Control	Description
Basic Bank Account Number (BBAN)	The identifier used by financial institutions in individual countries as part of a National Account Numbering Scheme(s) which uniquely identifies an account of a customer at a financial institution. This is also known as the Domestic Bank Account Number.
Bank Identifier Code (BIC)	An 8 or 11 character ISO code assigned by the Society for Worldwide Interbank Financial Telecommunication (SWIFT), which is used to identify a financial institution in financial transactions. It is based on ISO 9362. Note: In Oracle's PeopleSoft applications, BIC is entered in the DFI ID qualifier field when the DFI qualifier value is set at 02.
Creditor	ISO definition: The party to which an amount of money is due. For example, the seller of goods or services or a collection agency.
Creditor Agent	ISO definition: The financial institution servicing an account for the creditor.
Debtor	ISO definition: Party that owes an amount of money to the (Ultimate) Creditor. For example, the debtor could be the party ordering the services or goods, shared service centers, the buyer of services or goods.
Debtor Agent	ISO definition: The financial institution servicing an account for the debtor.
Direct Debit	A request for payment of an amount to be collected from the debtor's bank account by an originator (the creditor).
DFI Qualifier (depository financial institution qualifier) and DFI ID (depository financial institution identification)	DFI qualifier indicates the format—the number of characters and numerics—that is used in the bank's DFI ID, which identifies a bank. If you use intermediary routings, this bank represents the final bank into which funds are transferred. Each type has a specific number of digits that you can enter: Transit Number: Enter exactly nine numerics, plus check digit calculation. Swift ID: Enter 8 or 11 characters; positions 5 and 6 must be a valid two-character country code. CHIPS ID: Enter three or four numerics for a CHIPS ID (CHIPS Participant ID). CHIPS UID (CHIPS universal identification number): Enter six numerics for a CHIPS UID. Canadian Bank Branch/Institute: No validation. Mutually Defined: No validation. BIC: If the DFI qualifier is 02, enter the BIC code which is assigned by SWIFT.
EBICS Protocol	The EBICS (Electronic Banking Internet Communication Standard) protocol is SEPA compliant and can transmit new ISO 20022 standard messages in XML format. The system issues SEPA Credit Transfer payment files.
Forwarding Agent	ISO definition: The financial institution that receives the instruction from the initiating party and forwards it to the next agent in the payment chain for execution. The forwarding agent could be the same as debtor agent or it could be different, such as the debtor's bank or the concentration bank.
Initiating Party	ISO definition: The party initiating the payment. This can either be the debtor or the party that initiates the payment on behalf of the debtor.
Intermediary Bank	ISO definition: The agent between the debtor agent and creditor agent, such a correspondent bank.
International Bank Identifier Number (IBAN)	A bank account number that is assigned according to international ISO standards, and uniquely identifies a bank account in cross-border financial transactions between European and other international countries.
International Standards Organization (ISO)	A worldwide federation of National Standards Bodies.
ISO 20022 (International Standards Organization 20022)	A Universal Financial Industry message scheme (UNIFI) that was prepared by Technical Committee ISO TC68 Financial Services and defines various financial messages that are used by the global financial services community. SEPA messages are based on this standard.
ISODateTime (International Standards Organization Date Time)	The date and time within a particular calendar year represented by YYYY-MM-DDThh :mm :ss, which is based on ISO 8601.
Mandate	An authorization and expression of consent given by the debtor to the creditor, which enables the creditor to initiate collections by debiting the specified debtor's bank account and enables the debtor's bank to comply with these instructions in accordance with the SEPA Rulebook.
Single Euro Payments Area (SEPA)	Enables citizens, companies, and other economic actors to make and receive payments in euros (EUR) between and within national boundaries in Europe with the same basic conditions, rights, and obligations, regardless of their location.
Society for Worldwide Interbank Financial Telecommunication (SWIFT)	A cooperative owned by the financial services industry, which operates a financial messaging network through which financial services companies can exchange messages.
Ultimate Creditor	ISO definition: The ultimate party to which an amount of money is due. The ultimate creditor could be the same as creditor or it could be different, such as the seller.
Ultimate Debtor	ISO definition: The ultimate party that owes an amount of money to the (ultimate) creditor, such as the buyer of services or goods.