Sepa Direct Transfer. The information and legal wording used in the mandate is specific see here and explicitly lays out the refund terms under the. Basically the sepa rules are written around euro or eu banking.
Trusted by over 5m customers worldwide. Sepa as a payment method between bank accounts is a new format that enables bank account holders to make transfers in euro currency direct debits and credit transfers. The sepa b2b direct debit transfer is only available between businesses and banks participating in the sepa scheme may choose to offer it to their customers but it is not mandatory.
It is not designed for money transfers between individuals or between private and business customers.
Accounts may be held in any sepa currency but the transfer of funds between them is always in euro. The basis for collecting money is a signed authorization mandate given to the creditor by the debtor. In essence banks that support sepa transfers either have direct relationships established or a network of intermediary banks thus allowing transfers to run across country borders. The sepa core direct debit transfer is available to individuals and must be offered by all banks participating in the sepa scheme.