About Reversals, Revocations & Requests for Cancellation
Reversals occur when a Creditor bank concludes that a SEPA Direct Debit should not have been processed. A Reversal may only be processed after settlement i.e. within the 5 Business Banking Days* after the Due Date of the original collection.
NOTE – the Creditor bank is not obliged to offer ‘reversal services’ to Creditors and in return, Creditors are not obliged to use such services if offered. If the Creditor does use an available reversal service – both Creditor and Debtor bank must act on it. The Creditor Bank can also raise such a request. Debtor banks are not required to perform checks on ‘Reversals’.
*BBD (Business Banking Days). For further explanation click Mandate Amendment
Revocations are requests by the Creditor to recall the instruction to collect until a date agreed with the Creditor Bank. Part of the underlying business agreement between the Creditor and Creditor Bank and as such not covered by the SEPA Direct Debit scheme.
About Requests for Cancellation
Requests for Cancellation are requests made by the Creditor Bank to recall the instruction to collect. This must take place prior to settlement. This is typically part of underlying business agreements between participants and as such not covered by the SEPA Direct Debit scheme.