New direct debit scheme 'simplifies payments'

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New direct debit scheme 'simplifies payments'

Fri 16th Oct 2009

The European Payments Council (EPC) has claimed that a new direct debit scheme will benefit both businesses and consumers by standardising the process.

Gerard Hartsink, chair of the EPC, stated that the new Single Euro Payments Area (SEPA) direct debit payment method will be launched on November 2nd, which will mean that all member states of the European Union will be able to use the same format.

He commented that the success of this new initiative rests heavily on customers utilising it, because financial institutions are already on board and rolling out the scheme.

Mr Hartsink explained: "From a business perspective, you simplify the whole collection process because it is done in the same way throughout SEPA."

Previously, cross-border direct debit payments could not take place but now, as well as members of the European Union, Switzerland, Iceland, Norway, Monaco and Liechtenstein can also transfer money between each other.

So far 2,600 participants have agreed to use the service, according to Mr Hartsink.

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