EPC Guidelines for Appearance of Mandates for SEPA Direct Debit Schemes

Orrick - Financial Industry Review

[author: Bethan Saunders]

On September 15, 2015 the European Payments Council (ECP) published new guidelines for the appearance of mandates for the SEPA Direct Debit (SDD) Core and SDD Business-to-Business (B2B) Schemes. The guidelines aim to reduce the complexity of mandates without losing essential or mandatory content and remaining Rulebook-compliant.

The EPC also provides advice on the circumstances in which the delivery of the debtor bank’s bank identifier code is mandatory in SDD transactions.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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