European Payments Council Publishes Guidance on the Use of ERI and Updated Recommendation on Customer Reporting

On July 8, 2019, the European Payments Council (EPC) published a guidance document providing details on how to instruct the extended remittance information (ERI) and lists a number of practical examples. The EPC also published in the document an updated version of its recommendation on customer reporting under the SEPA Credit Transfer (STC), SEPA Credit Transfer Instant (STC Inst) and SEPA Direct Debits (SDDs) B2B Core and B2B Rulebooks.

The guidelines that are based on the ISO 20022 standard for the customer-to-bank (C2B) space, as well as the interbank space, aim to describe the ERI introduced in the STC, STC Inst and SDDs rulebooks, with entry into force in November 2019.

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