SEPA Credit Transfer
Almost every bank within SEPA is participating and therefore reachable for SEPA Credit Transfers.
If a bank within SEPA is not participating in SEPA Credit Transfers, ING will ensure the payments will be received by that bank.
SEPA includes several non-eurozone countries such as Poland, theUnited KingdomandNorway. SEPA Credit Transfers in euros to and from these countries can be made and will be processed under the same conditions. Euro payments to a non SEPA country will not be processed under SEPA conditions. These payment are called International Payments. Possibilities on initiating these payments filebased are in place for specific client cases. Contact your contactperson within ING for further details.
ING has also developed a payment instrument for Dutch account holders fortransfers made via specific payment channels, in which euro transactions tocountries outside of SEPA can be sent in XML ISO 20022 format, in a singlebatch. This is currently offered forTurkeyandMorocco, which are not part of SEPA.However, these are not executed as SEPA transactions and are therefore subjectto a different tariff. The advantage of this payment instrument is that the tariffis a fixed amount and the transaction can be made in the SEPA format; XMLISO 20022.
All payments must be processed within one working day and will therefore reach the beneficiary on the same day or the following working day.
There are ways to trigger an enhanced handling of your (file of) SCT or file of SCTs which can reduce the processing time and could therefore become an alternative for the current domestic urgent payment.
One specific attribute in a SEPA SCT is the tag 'instruction priority'. By setting the value HIGH in the tag 'instruction priority', either via screen or directly in the XML message, enhanced handling for these payments is triggered. This means that when cut off time is respected, the payment is processed on the same day (debit and credit booking on the requested execution date). In case the cut off time is not respected, the debit booking will take place on the requested execution date, and the credit booking will occur the next day (D+1).
As transactions within theNetherlandsare already processed via the same day principle, the instruction priority HIGH has only added value for cross border SCTs.