direct debit
Money and you
Understanding SEPA Direct Debit: a comprehensive guide
Article was updated on 26.11.2024 SEPA Direct Debit (SDD) is a pre-authorized payment option available in the eurozone. It works pretty much like all the other direct debit transactions, but only in euros within the SEPA area. Genome’s team will explain SEPA Direct Debit origination, the process itself, and the advantages of such transfers. What is SEPA Direct Debit? SEPA Direct Debit payments are a payment method under the Single Euro Payments Area (SEPA) based in the European Union that allows businesses to receive payments in euros directly from a customer’s bank account based on prior authorization (mandate). SEPA Direct
Money and you
How to cancel a direct debit: a step-by-step guide
The article was updated on 28.01.2025 Setting up direct debit payments seems to be easy – you just have to sign a mandate with the organization. Then, for months, you do not have to worry about making your regular payments on time, as they will be withdrawn from your account without you needing to do anything. But what about the cases when you need to cancel these recurring transactions? Read on and find out how to stop direct debits using your online banking tools in our article below! What are direct debits? A direct debit is a special type of
Money and you
What is a direct debit?
Did you know, there’s a way to simplify some of the regular payments you make? That’s right, today Genome‘s team will introduce you to the concept of direct debits and how they work. When is direct debit used? Let’s first uncover the direct debit meaning. Direct debit is a type of pre-authorized payment that makes regular transactions for variable amounts safer and faster. Also known as a pre-authorized debit (PAD) or pre-authorized payment (PAP), these transactions work the other way around compared to when you initiate transfers yourself. Paying direct debits means that you authorize a third party to withdraw