There are two types of inquiry:

• Claim non-receipt
• Claim for value date correction

Claim non-receipt

(copied from EPC125-05 2019 SCT Rulebook version 1.2_0.pdf).
The Beneficiary claims not to have received the initial SEPA Credit Transfer. The Originator Bank is asked to investigate if and when the initial SEPA Credit Transfer had been executed. The cause for this claim can be at the Originator Bank, the Beneficiary Bank and/or in the clearing and settlement layer.

The assumption is that the Beneficiary will contact first the Originator, and that the Originator will launch a claim for non-receipt to the Originator Bank. The situation where the Beneficiary directly addresses a claim for non-receipt to the Beneficiary Bank is not described in the Scheme.

Claim for value date correction

(copied from EPC125-05 2019 SCT Rulebook version 1.2_0.pdf).
The Beneficiary claims that the initial SEPA Credit Transfer has been credited with a value date later than the date the amount would have been value dated had the transaction been correctly executed. The Originator Bank is asked to investigate at what precise date the initial SEPA Credit Transfer had been executed. The cause for this claim can be at the Originator Bank, the Beneficiary Bank and/or in the clearing and settlement layer.

The assumption is that the Beneficiary will contact first the Originator, and that the Originator will launch a claim for late execution to the Originator Bank. The situation where the Beneficiary directly addresses a claim of late execution to the Beneficiary Bank is not described in the Scheme. In case the cause does not fall within the responsibility of the Beneficiary Bank, then the Beneficiary Bank has the right to receive interest compensation from the Originator Bank.

This compensation is a variable amount, being the interest calculated for the number of calendar days between the original value date and the corrected value date of the original SEPA Credit Transfer. The rate to be applied for each day in a month is the EONIA rate applicable on the first banking business day of that month based on a 360 days year. The EONIA rate is a daily rate published by the ECB every day. The Beneficiary Bank, if it decides so, may recover this compensation from the Originator Bank by specifying the compensation amount in AT-85 in the DS-10.

Question and answer

1. Claim for value date correction: there are two possible negative responses for this claim RJVA and CVAA. What is the difference between them?

Based on EPC135-18 v2.0 Guidance on Reason Codes for SCT R-transactions.pdf.

CVAA - Correct Value Date Already Applied
Exhaustive list of use-cases:
The Beneficiary Bank rejects the claim to correct the currently applied value date of the SCT transaction.

Possible root cause:
The Beneficiary Bank claims to have applied the correct value date as outlined in the SCT transaction.

Suggested action:
Originator Bank to explain to the Originator that the SCT instruction has been executed according to the instructions of the Originator.

RJVA - Rejected Value Date Adjustment Exhaustive list of use-cases:
The Beneficiary Bank rejects the claim to correct the currently applied value date of the SCT transaction.

Possible root cause:
The Beneficiary Bank rejects the value date correction because
• the debit date of the SCT transaction exceeds the 13 months preceding the submission date of the SCT inquiry;
• the SCT transaction has a debit date prior to 17 November 2019 being the entry-into-force date of the SCT Inquiry procedure.

Suggested action:
No further action.

2. What are the possible responses for Claim for value date correction?

Based on EPC115-06 SCT Interbank IG 2019 V1.0.pdf and EPC135-18 v2.0 Guidance on Reason Codes for SCT R-transactions.pdf

• Negative response
  Codes:
  CVAA - Correct Value Date Already Applied
  RJVA - Rejected Value Date Adjustment

• Positive response with request for interest compensation
  Code:
  ACVA - Accepted Value Date Adjustment

When interest compensation is requested by the Beneficiary Bank, the value date adjustment will be applied by the Beneficiary Bank only after its payment. After having taken notice of the payment of the interest compensation, the Beneficiary Bank will send a confirmation message to the Originator Bank in order to confirm the application of the value date adjustment (MODI).

• Confirmed Positive Response
  Code:
  MODI – Modified As Per Request

Used:
• no interest compensation is requested by the Beneficiary Bank, or
• interest compensation has already been received by the Beneficiary Bank following an ‘ACVA’ (Accepted Value Date Adjustment) positive response with request for interest compensation’), or
• the Beneficiary Bank asks for interest compensation to be paid after the already applied value date correction,

3. What are the possible responses for Claim non-receipt?

Based on EPC115-06 SCT Interbank IG 2019 V1.0.pdf and EPC135-18 v2.0 Guidance on Reason Codes for SCT R-transactions.pdf

• Negative response
  Codes:
  RJNR - Rejected Claim Non Receipt

The Beneficiary Bank states a more precise reason for rejecting the SCT inquiry. One of the following codes must be provided:

• NOOR - No Original Transaction Received
• RNPR - Original Transaction Received but Not Processable
• ARJT - Already Rejected Transaction
• ARDT - Already Returned Transaction
• RR04 - Regulatory Reason

• Positive response Codes:
  ACNR - Accepted Claim Non Receipt
  The Beneficiary Bank confirms to have credited the initial SCT transaction on the IBAN of the Beneficiary. It provides the Originator Bank with the date on which this SCT transaction has been credited.