Market coverage 30
Europe (based in Belgium)
- Czech Republic
- Poland Zloty
- Switzerland Franc
- United Kingdom Pound
SEPA SDD is an electronic payment method that allows businesses and individuals to transfer funds between bank accounts located in the European Economic Area (EEA). SEPA SDD stands for Single Euro Payments Area Direct Debit.
SEPA SDD works by using a direct debit mandate signed by the account holder, which gives a creditor the authorization to withdraw funds from their account. The creditor can then initiate payments from the account holder’s account, which are processed by the banks participating in the SEPA system.
Setting up a SEPA SDD requires prior communication between the creditor and the debtor. The creditor must provide the debtor with information about the direct debit, including the payment date and amount, as well as the creditor’s banking details. The debtor can then sign a direct debit mandate authorizing the creditor to withdraw funds from their account.
SEPA SDD offers advantages over traditional payment methods, including faster and more economical cross-border payments, as well as high levels of security and reliability. However, it is important to note that SEPA SDDs should be initiated by authorized creditors and it is important to regularly monitor bank accounts to prevent any fraudulent activity.