About SEPA

What is SEPA?

SEPA replaced the previous national direct debiting systems on 01.02.2014. The introduction of SEPA (Single Euro Payments Area) was initiated by the EU in March 2000. The SEPA payment procedure simplifies cashless payments and direct debits within the European Union, the European economic area, as well as Switzerland and Monaco. Transactions and direct debits to SEPA-countries will be as fast and as simple in the future as domestic payments are today.

What is IBAN and BIC?

The IBAN (International Bank Account Number) and the BIC (Business Identifier Code) replace the account number and the sort code. IBAN and BIC must be used from 01.02.2014.

Where do I find my IBAN and BIC numbers?

Your IBAN and BIC numbers can be found in your online bank account, on your bank statements and/or on your cash card. If you cannot find your IBAN and BIC, please enter your account number and sort code into the converter below. We will then convert them for you. The conversion is not guaranteed and is currently only available for German accounts.

What is preliminary information?

Every notification (e.g. invoice, policy, agreement) provided to the payer by the debit note issuer, which announces a collection via SEPA direct debit is considered to be preliminary information. Preliminary information must include the payment due date and the exact payment amount and may require multiple direct debits. It must be sent to the payer a reasonable amount of time before the due date so that the payer has the chance to prepare for the debit and ensure there are sufficient funds in the account. The manner of providing the preliminary information is in line with the collection agreement made between the payee and the payment provider.

What is a mandate?

A SEPA direct debit mandate is the legitimation for the collection of SEPA direct debits. A mandate includes the consent of the payer to the payment collection via SEPA direct debit to the payee, as well as the instruction to the appropriate payment provider of the encashment of the payment.