SEPA SCT is the standard euro credit-transfer scheme. Funds settle T+1 (the next business day after the originator's bank accepts the order). The current rulebook pins pain.001.001.09 as the customer-to-bank message and pacs.008.001.08 as the inter-bank settlement message.
Key rules: IBAN-only (no BIC required for domestic euro transfers), no upper amount cap, T+1 settlement guarantee, all 36 SEPA-area BICs reachable. The originator's bank must execute by end-of-day-after-receipt; intermediated routing inside the SEPA area is hidden from the customer.
SCT does not include a "Confirmation of Payee" service by default — the rail accepts whatever IBAN + creditor-name the originator submits and credits the IBAN. Several national overlays now layer VOP / SurePay / SEPA VOP on top to verify the name matches the IBAN, but they are scheme-overlays, not core SCT.
iso-compliant emits SCT-compatible pain.001 under profile=sepa and applies the scheme-specific rules (no BIC enforcement, EUR currency check, IBAN mod-97).