What are SEPA Direct Debit Services?
SEPA Direct Debit Services are services that customers can avail of in order to manage their Direct Debits under the SEPA Scheme. Customers have additional rights in how they can manage and control SEPA Direct Debit instructions they have authorised with creditors.
What is the SEPA Direct Debit (SDD) Scheme?
The SEPA Direct Debit (SDD) scheme allows both domestic and cross-border collections to be made in Euro throughout the current SEPA countries. Consumers are able to pay for goods or services throughout Europe via direct debit as easily, securely and efficiently as they do at home.
What are the features of the SEPA Direct Debit Scheme?
The features are as follows:
- Terms and conditions for the consumer are standardised across all current 34 SEPA countries.
- The SEPA Direct Debit scheme covers both recurring and one-off direct debit collections.
- Maximum settlement times are defined for recurring and one-off direct debit collections.
- BIC and IBAN are the only permissible account and bank identifiers.
- There is an extensive set of rules for handling rejected, returned, refused and refunded
- SEPA Direct Debit collections.
- SEPA Direct Debit is backed by the Payment Services Law.
To learn more about the Sepa Direct Debit Service you may refer to the Frequently Asked Questions.
Terms and Conditions for Sepa Core Direct Debits for Debtors - click here to view.