SEPA DIRECT DEBIT THE EUROPEAN DIRECT DEBIT

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1 SEPA DIRECT DEBIT THE EUROPEAN DIRECT DEBIT

2 CONTENTS INTRODUCTION 3 THE EUROPEAN DIRECT DEBIT SCHEME (SEPA DIRECT DEBIT) 4 THE EUROPEAN DIRECT DEBIT MANDATE 6 «CORE» & «B2B»: TWO DIFFERENT EUROPEAN 7 DIRECT DEBIT SCHEMES WHAT CAN WE DO FOR YOU SUPPORT SERVICES 12 SEPA GLOSSARY 14 2 CORPORATE & PUBLIC BANK

3 INTRODUCTION The European direct debit scheme (SEPA direct debit) is a payment tool developed within the SEPA framework (1). As of 1 February 2014 the European direct debit replaced every national scheme for direct debit in euros (2). SEPA aims to standardise payment transactions. It allows users to execute their Euro transactions throughout the SEPA zone in the same way as they would in their own country, based on the same user-friendly and secure methods and in the same time frame. (1) The Single Euro Payment Area (SEPA) is an initiative of the European Commission with support from the European Central Bank (ECB). The SEPA comprises the member states of the European Union (Austria, Belgium, Bulgaria, Cyprus, Croatie, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, the United Kingdom and Iceland) + Liechtenstein, Monaco, Norway and Switzerland. (2) Niche products excluded. SEPA DIRECT DEBIT, EUROPEAN DIRECT DEBIT 3

4 THE EUROPEAN DIRECT DEBIT SCHEME (SEPA DIRECT DEBIT) The European direct debit scheme makes it possible to execute debt transactions in the 28 member states of the European Union, the three additional members of the European Economic Area, Switzerland and Monaco. It can be used for both recurring or one-off collections. The transactions must be in Euro and no limits have been set with respect to amounts. PRACTICAL APPLICATION The European direct debit scheme is based on a model involving four parties: the creditor (beneficiary), the debtor (payer), the creditor s bank and the debtor s bank. These four parties are linked via a direct debit mandate. Under the European system, the mandate is managed by the creditor: it is signed by the debtor in favour of the creditor and returned directly to the creditor. The debtor bank does not intervene. 4 CORPORATE & PUBLIC BANK

5 HOW DOES IT WORK? Debtor (Payer) 2 3 Creditor (Beneficiary) 1. The creditor signs a European direct debit contract with his/ her bank. 2. The debtor supplies the creditor with a mandate in which she/he authorises the creditor to collect debts from a specific account Debtor s bank 7 5 Creditor s bank 3. In order to collect a payment, the creditor must notify the debtor at least 14 calendar days before the day of collection, unless another time period has been agreed. This notification must stipulate the date and amount of the payment and can be sent by invoice or another comparable document. In the event of recurrent transactions, the creditor can submit a payment plan that stipulates different collection dates and agreed amounts. Individual notifications will be required for any significant changes (e.g. new amount, new collection date, ). 4. Before collection, the creditor must send the data including details of the transaction and electronic information regarding the mandates of the relevant debtors- to his/her bank. 5. The creditor s bank will submit the request for collection to the debtor s bank. 6. The debtor s bank will debit the amount directly from the debtor s account. 7. The money will then be transferred to the creditor s account (settlement). MAIN ADVANTAGES FOR CREDITORS It is a user-friendly and cheap debt collection method. The transactions are executed in accordance with a predetermined timeframe, so that you know exactly when you will be paid, which will facilitate liquid asset management. The debit entries on the debtors accounts and credit entries on the creditor s account will be executed on the same day (same day value). The collections can be made by a single bank, irrespective of the SEPA country in which the debtors are based. This will facilitate and speed up reconciliation. The option to request unconditional repayment will encourage your debtors to accept a direct debit arrangement. Your payment processes will be standardised and the costs associated with back-office investigations will be reduced. SEPA DIRECT DEBIT, EUROPEAN DIRECT DEBIT 5

6 THE EUROPEAN DIRECT DEBIT MANDATE Creditors who would like to collect payments via direct debit from their clients, have to ask the latter to complete, sign and return a European direct debit mandate. An example of this type of mandate is shown below. TYPICAL EXAMPLE OF A EUROPEAN DIRECT DEBIT MANDATE: CREDITOR plc TVA GB Supplier street 31 Tel London XY81AA ID UK12CRE EUROPEAN DIRECT DEBIT MANDATE - SCHEME Mandate reference number (to be completed by creditor) :... for a RECURRENT/ONE-OFF COLLECTION UNDERSIGNED Surname First name THE MANDATE MUST INCLUDE THE FOLLOWING INFORMATION: Creditor s data Debtor s data Debtor s BIC and IBAN numbers Debtor s signature and date Mandate reference number (defined by the creditor and limited to 35 characters) Type of payment (single or recurrent) Identification of underlying contract Street name and number Post code and location IBAN BIC CONTRACT CLIENT Date (day/month/year) Signature.. /.. /.... Location... By signing this mandate you (A) authorise CREDITOR NV to send instructions to your bank to debit your account and (B) authorise your bank to debit your account in accordance with instructions received from CREDITOR NV. E-MANDATE Creditors and debtors have the opportunity to set up electronic mandates. In practice, the E-mandate is based on an exchange and agreement notified by the debtor on the creditor s website. The electronic mandate gives the creditor optimum security that the mandate is valid. You are entitled to a repayment from your bank in accordance with the conditions described in the agreement you have signed with your bank. A request for repayment must be submitted within 8 weeks of the date on which your account was debited. Information on your rights with respect to this mandate are available from your bank. 6 CORPORATE & PUBLIC BANK

7 «CORE» & «B2B» : TWO DIFFERENT EUROPEAN DIRECT DEBIT SCHEMES In order to provide maximum flexibility for creditors, the European direct debit system comprises two different schemes with individual standards, rules and operating modes. The basic or core scheme is intended for creditors whose debtors include both consumers and professionals (2). The B2B (Business-to-Business) scheme is solely intended for creditors with professional debtors. THE CORE SCHEME Both single and recurrent collections are feasible. The creditor must send an initial request for collection (including one-off collections) to the bank at least five days before the due date. For recurrent direct debits only two full days are required from the second collection onwards. Debtors or their bank can refuse payment before the due date. Debtors are entitled to contest the transaction and demand unconditional repayment of an approved transaction up to eight weeks after the debit date. THE BUSINESS-TO-BUSINESS SCHEME The B2B scheme is intended for direct debit transactions between professionals. This scheme is optional and is not necessarily offered by every bank. BNP Paribas Fortis offers B2B to both creditors and their debtors. The differences between the B2B and the core scheme are as follows: Debtors are not entitled to the repayment of an approved transaction. The period for the submission of a collection file has been cut to one day. Information regarding unpaid instructions from the debtor s bank will be notified a maximum of D+2 after payment date. The debtor's bank must verify whether the 'B2B' mandate was authorised by a professional debtor before the first collection. This is why 'B2B' debtors must confirm their mandate with their bank before the first collection can take place. In the event of a non-approved transaction (e.g. when the debtor has not signed a valid mandate) or an incorrect transaction, repayment can be requested up to 13 months after the due date. Debtors are entitled to ask the creditor for a cancellation of the mandate at any time. Non-executed payments originating from the debtor s bank must be forwarded at the latest five days after the collection date. A European direct debit mandate automatically ends if no direct debit is offered under the mandate for a 36-month period. (2) In Belgium, Professional means self-employed workers, the professions, small and medium sized companies and corporates. SEPA DIRECT DEBIT, EUROPEAN DIRECT DEBIT 7

8 SEPA STANDARDS Similar to other European transfers, European direct debit transactions are executed in accordance with SEPA standards, namely: Obligatory use of the International Bank Account Number (IBAN) and Bank Identifier Code (BIC) as a means of identifying accounts and banks. Application of the UNIFI (ISO 20022) XML standard to issue instructions for collection by the bank (See europeanpaymentscouncil.eu / SEPA customer /A shortcut to the SEPA Data Format). Availability of 140 (4x35) characters for the message. A unique reference of maximum 35 characters for identification purposes must be allocated to each payment. The creditor is free to select any reference she/he wishes. 8 CORPORATE & PUBLIC BANK

9 COMPARATIVE TIMELINE BETWEEN CORE SCHEME AND B2B D-14 Payment pre-advice D-2 8:00 Recurrent collections D+8w Unconditional refusal SDD CORE D-5 8:00 One-off collection - Initial collection D Collection date = payment date D+5 Refusal by the bank D+13m Refusal of non-approved collections D-1 9:00 One-off collection - Initial collection - Recurrent collections D+2 Refusal by the bank SDD B2B D-14 Payment pre-advice D Collection date = payment date D+13m Refusal of non-approved collections FOR INFORMATION: FORMER DOM 80 D-5 Payment pre-advice D-1 12 :00 D+1 Payment creditors D+13m Refusal of non-approved collections DOM80 D Pivot date = paiement date D+8w Unconditional refusal SEPA DIRECT DEBIT, EUROPEAN DIRECT DEBIT 9

10 WHAT CAN WE DO FOR YOU... SET UP EUROPEAN DIRECT DEBITS BNP Paribas Fortis helps you to set up European direct debits efficiently and smoothly, with personal guidance, detailed checklists and support services. Should you still have mandates in the old national direct debit scheme, BNP Paribas Fortis can also help you in your switch. In order to migrate to the core plan, there is no need to ask your debtors to sign any new mandates. In other words, the direct debit mandates remain valid in this plan and stay with the debtor s bank. However, if you want to switch to the B2B plan, the existing mandates cannot be transferred and new mandates are necessary. A few important pointers can be found below: It is very easy to obtain a complete picture of all your existing mandates (including IBAN and BIC) through BNP Paribas Fortis. The Belgian banks keep the data for all existing DOM80 mandates and regularly provide these to the National Bank of Belgium. Creditors who wish to switch can request the bank to provide an electronic copy of this information. MAIN DIFFERENCES BETWEEN DOM80 AND EUROPEAN DIRECT DEBITS (CORE) DOM80 CORE USE Locale Cross-border and local VERSIONS Recurring direct debits only Recurring and one-off direct debits CREDITOR IDENTIFICATION MANDATE MANAGEMENT AND ARCHIVING Company number or specific reference allocated by the BNB Debitor's bank Reference given by the creditor's bank based on the company number or specific number Creditor MANDATE REFERENCE Issued by the debtor's bank Issued by the creditor PAYMENT EXECUTION DATE One day Same day SENDING FORMAT OF BANK COLLECTIONS CIRI XML 10 CORPORATE & PUBLIC BANK

11 SEPA DIRECT DEBIT, EUROPEAN DIRECT DEBIT 11

12 SUPPORT SERVICES The European direct debit is a very effective instrument which ensures timely payment of your debt collections. BNP Paribas Fortis offers both European direct debit schemes, that is to say the core and B2B version. BNP Paribas Fortis puts at your disposal several systems to manage mandates and/or send you SDD collections to our bank. A full and in-depth report of all transactions, in CODA format will allow you to automate your management processes (reconciliation, bad debt management, etc.). ISABEL 6 XML files with collection requests can be electronically retrieved and forwarded in Isabel 6. For more information, please go to the Isabel 6 website at http ://www.isabel.eu ASY COLLECT asy Collect allows you to manage mandates as well as migrate your DOM80 mandates. In addition, asy Collect allows you to generate SEPA compliant XML collection files without significant impact on accounting packages or a need to invest in heavy in-house developments whilst keeping your existing formats. PC BANKING BUSINESS With PC Banking Business, you have all the tools you need to make European direct debits even simpler. High-performance management of your mandates With PC Banking Business, we provide you with an overview of all your existing "mandats" (inclucing IBAN and BIC of debtors). You can create and manage new direct debit mandates yourself, quickly and easily. You can classify your European direct debit mandates according to your own selection criteria. Your collections are processed easily On the basis of your debtors fixed data, you fill in the amount to collect and communication sections then send us the collection instructions. If you use a specific accounting software package, then PC Banking Business allows you to import and send your collection files to BNP Paribas Fortis. Every day, you can monitor the progress of your requests. 12 CORPORATE & PUBLIC BANK

13 WOULD YOU LIKE TO KNOW MORE? If you would like more information on the European direct debit scheme and the way in which BNP Paribas Fortis can help you to set up the European direct debit scheme, please do not hesitate to get in touch with your usual bank contact person. SEPA DIRECT DEBIT, EUROPEAN DIRECT DEBIT 13

14 SEPA GLOSSARY BIC Business Identifier Codes BIC codes identify banks at an international level. CIRI CIRI = Inter-bank IT Research Centre Format currently used in Belgium to exchange payment files. CODA A CODA (structured bank statement) is a structured file with details of all transactions on a specific day for a current account, savings account or time deposit. It is the coded electronic equivalent of a paper statement. EPC European Payments Council. IBAN International Bank Account Number or an international bank account identification code. ISO International Organisation for Standardisation SDD Sepa Direct Debit = European direct debit scheme SWIFT Society for Worldwide Interbank Financial Communication SWIFT is an inter-bank network that links banks on a global scale. UNIFI Universal Financial Industry Message Scheme. UNIFI is an ISO20022 standard. The EPC has decreed that only the UNIFI format would enable the transmission of SEPA instructions and guarantee the reconstruction of the complete data package transmitted by the principal. XML Extensible Markup Language XML is an increasingly popular IT language. It is the recommended standard for exchanges via the Internet. The UNIFI standard uses the XML syntax. 14 CORPORATE & PUBLIC BANK

15 SEPA DIRECT DEBIT, EUROPEAN DIRECT DEBIT 15

16 CORPORATE & PUBLIC BANK, BELGIUM BNP Paribas Fortis SA/NV, Montagne du Parc 3, B-1000 Brussels, RPM/RPR Brussels, VAT BE , Intermediary authorized under number A by the FSMA Printed on 100 % recycled paper This brochure was created for informative purposes by BNP Paribas Fortis SA/NV. The information contained in this brochure is subject to change. While BNP Paribas Fortis SA/NV takes great care to ensure that the information in this brochure is correct, it may not be held liable for possible errors or omissions, or the direct or indirect damage that might result from this. Responsible editor: Ann Plaetinck І PIN1101 PIE B_EN- 00B_EN - August January

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