Business as usual for Direct Debit as SEPA replaces euro schemes
January 29, 2014
The UK's Direct Debit schemes will not be affected by the introduction of the Single Euro Payments Area Direct Debit system next month (1 February 2014).
Bacs Payment Schemes Limited (Bacs), the company behind Direct Debit in the UK, has confirmed that both of its established payment schemes will continue to operate as normal with the new SEPA system only replacing euro-denominated schemes in countries within the euro area.
A second deadline for SEPA Direct Debit to replace non euro-area, euro-denominated national Direct Debit schemes has been set for October 2016 but, again, this will have no impact on the UK payment schemes.
For those UK businesses dealing with customers and suppliers with euro-denominated bank accounts, many of the UKâ€™s major banks have opted to allow collection by SEPA Direct Debit from accounts held with them â€“ businesses are advised to contact their bank for more information.
NOTES TO EDITORS
About Eazipay Ltd
- Established in 2002 by local entrepreneurs Kathy and Ron Bradney, and their colleague, Luisa Grey, Eazipay Ltd has become one of the UKâ€™s fastest growing Direct Debit processing companies.
- Eazipay now provides regular Direct Debit services to over 1,000 companies in a wide range of market sectors throughout the UK, Europe and beyond.
- In August 2013, Eazipay recorded its best ever month for Direct Debit collections when Â£28.1million worth of Direct Debits were processed on behalf of its clients.
- Eazipay was awarded â€˜Affiliateâ€™ status from Bacs, the governing body for Direct Debit processing in the UK payments industry. The company is now a member of an exclusive group of 38 other Bacs Affiliates, which includes representatives from some of the UKâ€™s leading businesses, banks and building societies, as well as government organisations and banking technology providers.
For further press information, please contact: