The SEPA Direct Debit Mandate, known in German as “SEPA-Lastschriftmandat,” is a crucial document for cashless payments within the Single Euro Payments Area (SEPA). Literally translated, it means “SEPA direct debit mandate.”
What is “SEPA-Lastschriftmandat”?
The SEPA-Lastschriftmandat is an authorization granted by a debtor to a creditor, allowing the creditor to collect payments from the debtor’s bank account via direct debit. This mandate is relevant in Germany and across the SEPA zone, which includes 36 countries, as it facilitates recurring and one-off transactions in euros without the need for repeated authorizations for each payment[3][9].
More information about “SEPA-Lastschriftmandat”
A SEPA-Lastschriftmandat includes the debtor’s consent to the payment collection and an instruction to their bank to honor the direct debits initiated by the creditor. It must contain specific mandatory fields such as the creditor’s name and identifier, the unique mandate reference, and the debtor’s name and bank account details (IBANThe International Bank Account Number (IBAN) is a system internationally agreed upon to identify bank accounts across national borders. Its... and possibly BIC)[1][4][5][14].
Related to “SEPA-Lastschriftmandat”
Here are some additional terms that are related to SEPA-Lastschriftmandat:
- SEPA: The Single Euro Payments Area, a European Union initiative to simplify bank transfers denominated in euro.
- Gläubiger-Identifikationsnummer: The Creditor Identifier, a unique reference for creditors within the SEPA framework.
- IBANThe International Bank Account Number (IBAN) is a system internationally agreed upon to identify bank accounts across national borders. Its...: The International Bank Account Number, a standardized international bank account identifier used within SEPA.
- BIC: The Bank Identifier Code, also known as SWIFT code, used to identify banks in international transactions, though not always required within SEPA.
- SEPA-Basis-Lastschriftverfahren: The SEPA Core Direct Debit Scheme, a direct debit system used for both consumer and business transactions within SEPA.
- SEPA-Firmen-Lastschriftverfahren: The SEPA Business to Business Direct Debit Scheme, used exclusively for transactions between businesses.
The SEPA-Lastschriftmandat is a cornerstone of the SEPA payment system, enabling efficient and standardized transactions across Europe.