I work in a Bank and I would like to clarify SEPA credit transfer function.
In EURO SEPA AREA there are 2 system through which send a Euro Transfer.
TARGET 2 is using to transfer all Sepa Credit Transfer (SCT) amount up to 500000€ and SCT urgent that reach beneficiary in the same day of execution and within 2 hours from sending (D).
EBA CLEARING is usued to all ordinary SCT that reach beneficiary the next business day from sending (D+1)
There are also SCT HIGH that reach beneficiary the same day of execution (D) but not have guaratee credit hours, guaratee also same day, so it should be credited to account at 18.00 pm or after.
If sender want to recall SCT after his account has been debited and SCT sent into TARGET 2 or EBA CLEARING can ask his bank to send a request of refund called RECALL.
But the RECALL is not automatic. If SCT is still on the beneficiary account it is ALWAYS MANDATORY to have beneficiary approval to refund money.
Recently there is a new SCT called INSTANT SEPA CREDIT TRANSFER.
Credit to beneficiary within 1 minute. There is al the moment an amount limit up to 15000€. This SCT is not recallable.
At the moment not all european banks manage SCT Instant.
Please verify cut off sending time, because this may vary depending bank capabilities.