SEPA Direct Debit
Direct debit in euro

SEPA Direct Debit in short:
  • For euro accounts
  • Unique end-to-end reference
  • Easy to reconcile

A euro account is required to be able to use the SEPA Direct Debit service. This applies for both the remitter and the beneficiary.

Beneficiary
To be able to debit money from a customer’s account, the company which will receive the money requires a mandate from the customer in question. The structure of the mandate could vary depending on whether the customer is an individual or a company.

As with SEPA Credit Transfer, a unique customer reference (end-to-end reference) can be used. Since the beneficiary decides which reference is to be used, it will be easier to reconcile incoming payments.

Remitter
If bills or invoices are to be settled using Direct Debit, a written mandate is required from the paying company. This is required for the beneficiary to have the right to debit the account in question.

File format – ISO 20022 XML
ISO 20022 XML is a file format for electronic messages which is used worldwide. It is also the file format which is used within SEPA. In association with the migration to SEPA, the local file formats used in all euro countries will disappear. ISO 20022 XML is a requirement for all outgoing SEPA payments sent via file.
File formats




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