The Collection Service in Business eBanking allows you to collect direct debits straight into your bank account.
This service is available to customers who are registered on Business eBanking and who, subject to credit assessment, become a Direct Debit Originator.
What is a Direct Debit?
A direct debit is an agreement between the buying customer (payer) and the company selling the goods or service (Originator/Creditor) to collect one or multiple payments direct from the payer’s account.
What is a Direct Debit Originator?
This is a term used for an organisation that originates a direct debit payment request. A Direct Debit Originator has the ability to collect direct debit payments from any customer in the Republic of Ireland electronically.
Example
Company A buys goods from company B which costs €100. They want to pay it off in 5 instalments. Company A complete and sign a Direct Debit Instruction agreement, which gives details of paying account. In this case the DD Originator is Company B, who sends Company A an advance notice letter detailing the collection . Company B can set up all payers via Business eBanking.
There are two options:
DD standard (Direct Debit): The Originator has to provide the bank with a signed paper mandate and send the completed Direct Debit Instruction to the Payer’s bank.
DD plus (Direct Debit Plus): The Originator can sign it’s customers up by telephone, internet or face to face. The Originator retains the completed Direct Debit Instruction, and the Payer’s Bank recognises it by a specific reference. A confirmation letter must be issued to the Payer within 3 days of being set up.
How do I become a Direct Debit Originator?
You will need to complete the following by downloading the forms and sending the completed forms to EFTS Helpdesk, Mezzanine Floor, Donegall Square West, Belfast, BT1 6JS
*Once the initial documentation has been received by the National Irish Bank, an application is then sent on your behalf to IPSO, who advise your Originator Identification Number ( OIN number.)
Once the OIN number is issued, it will be emailed to you. You must then complete the Compliance form, filling in the OIN information and return it to National Irish Bank.
Only when all the documentation is vetted and approved by National Irish Bank, will you be set up on the System and ready to collect Direct Debits – we expect this process to take approx 10 business days.
What difference will this make to my day to day banking?
By becoming a DD Originator you can:
- Track payments as they come into your accounts
- Avail of a more time efficient method of banking
- Monitor payments due and payments outstanding.
Scheme Rules
Link to Scheme Rules.
Scheme Rules are found at www.ipso.ie. The Advance Notice Template, DDI, Standard Indemnity and Authorising Resolution are all on the website.
The Advance Notice Template, DDI, Standard Indemnity and Authorising Resolution are all on edoc along with the EFTS Application Form
If you have any questions or problems concerning the use of Business eBanking.
Call us on +353 1 655 0200