There is a significant difference between SEPA Direct Debit and SEPA Credit Transfer though. In this case, the roles are reversed, meaning that the receiver is the one who is initiating the money transfer. Here, the receiver of the money (e.g. the magazine you are subscribed to) sends a request to the sender to ask them if they can withdraw.. Introduction. Single Euro Payments Area (SEPA) Direct Debit is a delayed notification payment method that facilitates automated recurring payments in and between countries in the European Union. SEPA Direct Debit is part of a broader initiative to make cross-border euro payments as easy as domestic payments, backed by structured rules and.

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A SEPA direct debit can only be made in euros, but the accounts - which have to be located in SEPA - may be held in any other SEPA currency. Read More about the SDD mandate In both SDD schemes, it is the biller who is responsible for storing the original mandate (and any information regarding changes in the mandate or its cancellation).. Last editedApr 2023 — 4 min read. SEPA Direct Debit is a Europe-wide Direct Debit system that allows merchants to collect Euro-denominated payments from accounts in the 36 SEPA countries and associated territories. SEPA Direct Debit has now been implemented in all eurozone countries and non-eurozone SEPA countries.