While there was still a grace period for all consumers within the EU up to the spring of 2016, SEPA transactions were already mandatory for companies from 1 August 2014.
We supported our customers and business partners as a professional partner with their project work for SEPA migration over the last few years.
Both parties were able to acquire a lot of knowledge about the SEPA specifications, in particular regarding bulk payments (e.g. for insurance).
SEPA credit transfers
- Companies and consumers can process all their payment transactions in euros all over Europe using one account in future.
- Cross-border payments can be integrated better into payment transaction processing.
- The bank transfer times are being reduced; processing takes just one working day.
SEPA direct debit scheme (Core/COR1)
The SEPA direct debit scheme is similar to the previous direct debit authorisation scheme.
The requirement is the SEPA direct debit mandate. It allows payers to object to authorised direct debits within 8 weeks of being debited without having to state any reason and demand the reimbursement of the debited amount.
SEPA direct debit business-to-business scheme (B2B)
With the SEPA Direct Debit Business-to-Business (abbreviated: SDD B2B) you can make cash collections in Germany and in all other SEPA-participating countries with no problems at all. The process is specially tailored to business customer requirements and can therefore only be used if the payer is not a consumer. It is similar to the “Abbuchungsauftragsverfahren” previously used in Germany.
The requirement is the SEPA direct debit business-to-business mandate. It is a special written agreement between the payer (account holder) and the payment recipient. Besides the absence of the payment reversing option, the advantages of the SEPA direct debit business-to-business scheme are that it is no longer necessary to have separate accounts in different countries, that both the collection date and frequency of direct debits can be varied following an agreement with the drawee and that they are extremely cost-efficient.