SEPA-DIRECT-DEBIT

Euro SEPA direct debit with electronic mandate.

Definition

SDD Core: 8-week dispute period (no-questions-asked), SDD B2B: no dispute after collection. ISO 20022 messages pain.008 (Initiation), pacs.003 (Customer Direct Debit Initiation interbank), pacs.002 (Status Report). Pre-notification to the debtor mandatory.

Origin

Scheme run by European Payments Council ; deployed 2009.

Example in context

An electricity supplier debits EUR 80 monthly via SDD Core on the customer account.

Related terms

• SEPA Credit Transfer — twin scheme.