The SEPA direct payments are based on a standing order, whereby the debtor (payer) authorises the creditor (beneficiary) to receive payments in an account held by it.
With SEPA, the presentation of direct payments to any European financial institution belonging to the single payment area in Euros may be performed with the same speed, costs and security as national payments.
You can use this service to manage direct payments, whether recurring or not, with any financial institution in the SEPA zone.
To send SEPA direct payments, you need:
Use the IBAN code as a standardised code of the debtor's account, thereby guaranteeing maximum security and facilitating the transactions performed between EU countries.
Have a Direct Debit Order which the issuer must arrange with all of its creditors.
Use a specific file format in line with the scheme used for the issue of debits.
Submissions can be made in two different ways, depending on whether the payment is between individuals or companies:
- SEPA direct payments
- B2B direct payments