From The Innovation Pipeline
Citi Implements New SEPA Direct Debit Solution
Citi's Global Transaction Services business, an early adopter of the banking industry's new Single Euro Payments Area Direct Debit (SEPA DD) scheme, implemented a new solution via CitiDirect Online Banking.
Citi clients can access the first pan-European Euro Direct Debit scheme in all eligible markets where Citi has geographical presence. Citi is reachable as a debtor bank for both Core and B2B schemes in all of its 22 countries within the SEPA area. SEPA DD collections is being offered to creditor customers in 9 markets initially.
SEPA Direct Debit is offered to SEPA countries through the CitiDirect Online Banking solution, including the following functions:
- Direct debit mandates
- Amendment services for debtor mandates
- Direct debit instruction cancellation
- Request for refund
As one of the first practitioners of the new SEPA DD offering, Citi provides clients the opportunity to streamline and simplify their processes through its pan-European Direct Debit scheme. The launch of the SEPA DD scheme will provide innumerable benefits to corporate clients such as consistent collection of cross-border invoices for collections taking place anywhere in the 32 country SEPA geography (EEA, Switzerland and Monaco), harmonized standards, a single legal framework and facilitation of centralized collections.
Karin Flinspach, Head of Receivables for Europe, Middle East & Africa, Citi, said "As an industry leader and participant, we feel that it is vital that we support this scheme and truly believe in the value of SEPA DD. We will continue to work closely with our clients to help them to achieve the many advantages possible as a result of this new scheme. Citi is committed to playing an active role in delivering the SEPA DD proposition. It also seeks to influence future market developments by having ongoing enrolling conversations with our clients and providing their views and feedback to the industry relevant forums and commissions where Citi is a full member and actively leading discussions".