As of November 2016, the SEPA CORE timeline changed to enable shorter processing cycles for direct debits. Merchants now submit the payment one working day before it is due, for both the first payment and subsequent payments.
Note on SEPA direct debit payments
Since November 19th, the the new version of the SEPA Rulebook came into actions. Here are the key changes:
SEPA Payments for Non-EEA* countries
Name and address of the debtor are now mandatory for direct debit payments processed in a Non-EEA country like Switzerland, Guernsey,Jersey, Isle of Man, Norway, Monaco and Saint Martin.
Note: This new obligation also applies for credit transfer made in case of customers refunds.
Extension of return deadline for B2B direct debits
The return deadline for B2B direct debits is extended from 2 to 3 banking working days.
For any further question, contact email@example.com.
*EEA: European Economic Area