The SEPA credit transfers, SEPA direct debits

The SEPA project lays down common rules, common procedures, and common standards for two payment instruments - credit transfers and direct debits and at the same time defines a common framework for card payments. Under a common framework is necessary to understand the specific common requirements set out in the cards, payment terminals and ATMs. The basic requirement of the common framework is the general acceptance of cards within SEPA and their acceptance under the same conditions in all SEPA countries.

Credit transfer means a payment service, where the payment order is submitted by the payer to his payment service provider and the amount stated on the payment order is debited from the payer's payment account and credited to the payment account of the beneficiary on the basis of the instruction given by the payer. The implementation of SEPA credit transfers had a minimal impact on residents (natural persons). In principle, it was only a gradual "realignment" of the use of an existing account number to use the IBAN format account number.

Direct debit means a payment service in which the payment order shall be submitted by the beneficiary to his payment service provider on the basis of prior approval, which was given by the payer. A direct debit is used primarily for energy, telecommunications, etc. In the case of direct debits can be simply stated that the changes affected in particular the beneficiaries of the payments. In addition to the transition to the IBAN meant the following changes:

(a)        the possibility of cross-border direct debiting, i.e. payment service providers in the SR shall allow the payment service user the possibility of direct debiting also on cross-border basis (in the case of beneficiaries of funds) or is carried out also direct debit that is sent from another EU country within the SEPA area. This is subject to conditions laid down in the business terms and conditions of payment service providers,

(b)       the communication in XML format messages with payment service provider in the case of sending payments in the file,

(c)       the need to apply for the assigning of the CID and its subsequent use in the initiation of direct debit payment.