Supported payment schemes

The Single Euro Payment Area (SEPA) is the European regulatory initiative to create a standard scheme for processing transactions in Euro currency across 34 markets. Since the 1st of February 2016, it is mandatory to initiate every SEPA transaction with an IBAN.

There are two different types of payments in SEPA:

• SEPA Direct Debit (SDD)
• SEPA Credit Transfer (SCT)

The following 21 countries are available for SEPA Direct Debit (currently only in EUR):

• Austria
• Belgium
• Cyprus
• Estonia
• Finland
• France
• Germany
• Greece
• Ireland
• Italy
• Latvia
• Lithuania
• Luxembourg
• Malta
• Monaco
• Netherlands
• Portugal
• Slovakia
• San Marino
• Slovenia
• Spain

SDD CORE
It is important to distinguish the Direct Debit types of Business to Consumer (B2C) and Business to Business (B2B).
So far, We only supports "Business to Consumer Direct Debits", also known as SDD Core. Note that even, for example, if a company sells goods to another company and not to an end consumer, the transaction is still considered a B2C direct debit and is also processed as such.

SDD B2B
The main difference between a B2C and a B2B is that once a B2B direct debit has been authorised, the debtor is no longer able to execute a chargeback.

A B2C SDD on the other hand can very well be charged back due to consumer protection regulations. In the case of an authorised transaction, the customer has 8 weeks to execute a chargeback and in the case of an unauthorised transaction up to 13 months.

To set up a B2B SDD, a special mandate is required, which is only valid when deposited as a signed copy in paper form at the debtor’s bank. This procedure allows the bank to check whether the direct debit matches the B2B mandate data before it is authorised. This process is not needed to set up B2C payments.