SEPA direct debit

(SDD).

A direct debit made under the SEPA scheme rules, either within or across national boundaries within Europe, whereby one-off and repetitive payments are initiated by the payee to collect payments electronically from the debtor’s bank account based on a mandate giving pre-authorisation.

The scheme provides for mandate creation, predictable and convenient time-cycles, appropriate refund rules and the necessary features to permit end to end straight-through-processing.

See also

• Direct debit
• Payments and payment systems
• SEPA credit transfer
• SEPA direct debit business to business scheme
• Single Euro Payments Area
• Straight-through processing