The Transactions which go through SEPA Credit Transfer can be one-off recurring transactions which are made by a customer and single or bulk payments like a payroll made by the business. Hence, SCT is convenient for both individuals and companies. Per rules of SEPA Credit Transfer, there cannot be any deductions apart from Financial Institution servicing the Originator. The majority of euro transactions is based on SEPA Credit Transfer scheme and around 19 billion per year go through this system. SEPA Credit Transfer is based on the Clearing Systems of EBA.
It works in the same manner as all other Clearing Systems.