About SEPA Direct Debit
Definition: A SEPA Direct Debit (SDD) is where a Creditor (the party collecting) has the authority to collect ‘euro’ funds from a Debtor (the party paying) from their bank account using the SEPA Direct Debit Scheme.
SDDs can be used for single (one-off) or recurring collections and is a safe and efficient payments scheme for collections in euro.
SEPA Direct Debit History :
|1999||Introduction of the euro in 11 EU countries|
|2009||European Payments Council (EPC) launches SEPA SDD Core and B2B Schemes|
|2014||SEPA becomes dominant in countries operating the euro
|2016||All ‘euro-denominated’ payments can only be collected using SEPA.
The European Payments Council (EPC) are the decision making and co-ordination body of the European banking industry in relation to payments. Created by the industry, and at the request of European Union (EU) authorities, the EPC commits to developing and updating the SEPA Scheme rulebooks. Helping to realise the vision of harmonised electronic euro payments and a truly ‘Single Euro Payments Area’.
For more information on the EPC, see the website: www.europeanpaymentscouncil.eu