What is Sentenial, Eurodebit?
Euro debit is a hosted application offered by Sentenial Ltd, which facilitates the processing of Euro Direct Debits in Ireland and Sterling Direct Debits in the United Kingdom.
As a direct debit originator, will SEPA have any impact on my current system?
If you are currently processing Euro direct debits then the upcoming adoption of SEPA will force you to migrate your mandates to a SEPA compliant platform. The transition to SEPA will be on a phased basis until February 1st, 2014 when the domestic systems will be terminated. If you are processing in Sterling via the BACS system, the introduction of SEPA will have little impact.
What is a direct debit?
A direct debit is an instruction from a customer to their bank or building society, authorising an organisation to collect variable or fixed amounts from their account, as long as the customer is given advance notice of the collection amounts and dates.
How do I cancel a direct debit?
You can cancel a direct debit by writing to your bank. It is also advisable to inform the originator of the cancellation.
How do I create a mandate?
• Click on the Customers Tab
• Select Add Customer from the list of options.
• Complete the contact and address details Add bank details including bank name/address
• Enter the Direct Debit payment details, and finally
• Select the save option.
How do I set up a one-off Direct Debit?
• Click on the Customers Tab
• Search for the customer
• Under the streams tab click on add stream/Adhoc
• Follow the on line instructions, and finally
• Press the Save Button
How do I cancel a Direct Debit instruction?
Click on the cancel option, which appears underneath the Edit option, on the menu on the left hand side of the payment streams page. A DDI may be cancelled in writing to the customer bank, Sentenial or the direct to the direct debit holder.
Is it possible to freeze a mandate?
Yes it is possible to freeze a mandate. This option is available on the menu on the left hand side.
How do I unfreeze a mandate?
Can you explain the Direct Debit cycle?
Once a direct debit instruction form has been received, direct debits may commence shortly thereafter. A direct debit is processed by Sentenial Eurodebit two working days before the due date; this direct debit is then sent to the respective customer bank that process it on the following working day and finally the following working day the customer pays the direct debit and it gets lodged in the destination bank account.
Under the Facilities Management system when is my account reconciled?
Reconciliations are completed weekly on a Tuesday.
What period does this cover?
The reporting period is regarded as one working week.
What notifications are necessary under the Direct Debit rules?
Notifications are necessary before the first Direct Debit is collected. And if a Direct Debit Instruction is amended or cancelled.
Under the Irish Direct Debit Scheme what is advance notice?
Advance notice is an advice via letter, email or SMS, which must be issued to the Payer in advance of the presentment of Direct Debits to his account.
What is an originator?
An originator is a company or organisation that creates and presents direct debits to a sponsoring bank.
What is the difference between Originator and Originator plus?
What is a BIC?
The BIC or Bank Identifier Code (also known as the SWIFT address) is a unique address which in payment messages identifies precisely the bank involved in financial transactions. When used in conjunction with the IBAN it identifies the bank at which the account of the beneficiary is held.
What is an IBAN?
IBAN stands for International Bank Account Number, and the concept was developed by the European Committee for Banking Standards (ECBS). It was created as a viable and practical international bank account identifier, used internationally to uniquely identify the account of a customer at a financial institution, to assist error-free cross-border payments and to improve.
Where can I find more information on direct debits in Ireland?
The Irish Payment Services Organisation Limited (IPSO) was established in June 1997. IPSO is the representative industry body, the voice and guardian of the payments industry and the strategic interface with all payments stakeholders. Its fundamental principles are to preserve the integrity and security of the payment systems and to promote and oversee the strategic development of such systems in the interest of the industry and the general public. Their website can be found at www.ipso.ie.
Where can I find more information on direct debits in Great Britain?
Bacs was founded in 1968, and has been at the heart of the payments industry ever since. Bacs is a not for profit, membership based body owned by 15 of the leading banks and building societies in the UK and Europe. No one has more authority when it comes to Direct Debit than Bacs and they are responsible for the schemes behind the clearing and settlement of automated payments in the UK, including Bacs Direct Credit as well as Direct Debit. Bacs have a proud record of maintaining the integrity of payment related services throughout four decades. Their website is www.bacs.co.uk.