The chronology of a SEPA Direct Debit follows a strict sequence of orders. R-transactions (failed transactions) can also occur at various stages of the process.
- D day or execution Date: This is linked to the bank clearing process. At D day, funds are transferred from debtor's bank to the merchant's SlimPay account.
- Value Date: Fixed at D+1, SlimPay values transactions during the night and then funds can be used by the creditor.
Note on SEPA direct debit payments
The European Payments Council publishes an up-to-date rulebook governing SEPA direct debits. Some specific regulations include:
- SEPA Payments for Non-EEA* countries - the 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.
NB: This 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