Direct Debit offers the possibility of a payment for an agreed amount between the customer and the beneficiary. The solution is designed for clients collecting a large number of regular payments in local currency and responds to the need of reconciling these payments.
Following the beneficiary’s instruction with respect to the Direct Debit mandate terms, the process consists in pre-authorized debiting of payer’s account by its bank in favor of beneficiary’s account, credited by the collecting bank.
Citi Romania is one of the first banks involved in the development of this product, as well as the first one to successfully complete such a transaction in Romania.
In April 2016, Citi Romania adhered to the new functionality for processing direct debit transaction in SEPA format (SEPA Direct Debit - SDD) for local currency.
Advantages for utilizing the interbank Direct Debit: