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Author's profile photo Divya Sunil Kamath

SEPA Direct Debit and Credit Transfer – Updates in ByD1705

The European Council has shortened the execution time for one-off and recurrent direct debit collections. This allows the direct collection to be presented one interbank business day prior to the due date.

Further, the SEPA credit tranfers can also be marked as urgent payments for faster processing.  The corresponding payment file that is generated will have ‘URGP’ in the tag for ServiceLevelCode.

Watch the video on how this can be achieved with ByD1705.

Feel free to post your queries and feedback.

 

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