SEPA Direct Debit is a single domestic and cross-border direct debit solution in 32 countries with immediate reconciliation of payments received. It is a European solution for euro-dominated direct debits. It operates on the basis of shared rules, processes, service levels and time frames. As a payment instrument SEPA Direct Debit can replace the many different national direct debit solutions within the euro-zone.
Direct Debit benefits
By using SEPA Direct Debit as a collection instrument you will be able to:
- Determine the exact payment date
- Ensure settlement of payment within a pre-determined time limit
- Get immediate reconciliation of payments received
- Streamline cash flows and treasury management
Two schemes
SEPA Direct Debit has two schemes:
- SEPA Core Direct Debit is a payment collection scheme for both personal and corporate customers
- SEPA B2B Direct Debit is a payment collection scheme for corporate customers only
The two schemes use the same technical set-up and the same file-formats. They differ primarily with respect to debtors’ rights to refund.
SEPA Direct Debit offers two solutions – one for the creditor to receive payments and one for the debtor to pay bills.
SEPA Direct Debit – Creditor Solution
Do you need to regularly collect payments from customers in the euro-zone? Do you want automatic payment processing and easy reconciliation of payments upon receipt? With SEPA Direct Debit you can streamline cash flows and treasury management.
How to become a SEPA Creditor
To get started with SEPA Direct Debit, you must be sponsored by National Irish Bank as a SEPA Creditor. SEPA Direct Debit is part of National Irish Bank’s Business eBanking. Please contact your advisor at National Irish Bank to learn more about becoming a SEPA Creditor.
Formats
SEPA has a set of standardised formats and rules that you have to follow when implementing SEPA Direct Debit. National Irish Bank is a branch of Danske Bank A/S and as such, we initiate our SEPA Direct Debit payments via Danske Bank A/S. Click here for more information.
SEPA Direct Debit – Debtor Solution
In National Irish Bank you can make payments by Direct Debit through SEPA Direct Debit. SEPA Direct Debit makes it easy for you to pay regular domestic and cross border invoices. When you have signed a mandate allowing the creditor to debit your account, we will make arrangements for the payment to be made on the due date.
Before signing a mandate your account must be open for SEPA Direct Debit. Please contact your advisor in National Irish Bank to learn more.