SEPA Purpose Codes for Credit Transfers & Remittance from SEPA XML GENERATOR

SEPA Purpose Codes – Simplified

SEPA Purpose Codes within SEPA XML GENERATOR allows a user to classify payments, informing the banking institute the purpose for the credit transfer.  For example, letting the bank know that a transfer relates to a Salary payment.

Essentially with the help of the purpose codes, incoming and outgoing payments can be identified automatically.

Purpose Code XML Format

The SEPA XML line of code will contain this line of code (xml tag) and this is what the ‘Source of Data’ and ‘Comments’

All Purpose Codes within a SEPA XML file must be four alpha characters in length, anything other that four characters and the file will fail when uploaded onto the bank.

Benefits of Using SEPA Purpose Codes

Purpose Codes not only speeds up the payment and make it more informative, but it can also inform the financial that no charges are to be applied.  For example, most bank do not charge for a Salary Transfer.

When the Purpose Code field is used it can be very convenient for tracing payments, however, it is not a compulsory field, you do not have to populate this field if you do not wish to.

Purpose Codes within SEPA XML GENERATOR

We have coded the most commonly used Purpose Codes within the SEPA XML GENERATOR software and below within this blog post is the entire list of Purpose Codes.  Some banks may not recognise Purpose Codes, so, contact your bank if you have any queries around Purpose Codes.

If one of your Purpose Codes is not on the list, please contact the SEPA XML GENERATOR team and we will add Purpose Codes based on request.

See a List of SEPA Purpose Codes within SEPA XML GENERATOR