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SDD - SEPA Direct Debit Scheme

The SEPA Direct Decit scheme, enables Direct Debit Originators to collect euro payments from any of the SEPA countries, including their own domestic DD using a single Direct Debit service rather than having to use the country specific Direct Debit Services that currently exist.

SDD replaces the existing domestic direct debiting schemes and presents the opportunity for banks to offer a pan-European direct debit product in euro. This represents a significant innovation as, for the first time, it allows creditors, such as utility and insurance companies, to conveniently collect payments in euro from their customers whether domestically or from other SEPA countries.

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