Glossary
What do the technical terms mean
Search by Alphabet
Search here for your desired search term
Payment does not have to be complicated. However, there are technical terms that are often not common.
Can we help you
In the upper search bar you can choose between two search options. The search by category and the search by alphabet. Just click on the navigation button above the selection. If you need further information, please contact us. We look forward to hearing from you.
You have not found an entry
Then do not hesitate and contact us. We make every effort to answer all questions as quickly as possible and to keep our glossary up to date in order to provide you with the greatest possible amount of information.
Electronic direct debiting system
Paperless transaction between accounts and companies via a computer network. With electronic direct debit, the customer authorizes a financial institution to debit money from his account and credit it to another account. The electronically recorded and transmitted payment data is accepted by the parties involved as a means of payment instead of cash. The whole process is carried out via an encrypted and secured system.
Standing order and direct debit
In contrast to a bank transfer, a direct debit is not initiated by the debtor, but by the creditor, who gives his bank the order to collect his direct debit. The difference between standing order and direct debit is that the latter can also contain changing amounts. The SEPA core direct debit includes an option to return the payment within eight weeks after it has been made available.
Content of the SEPA Direct Debit Mandate
The SEPA Direct Debit Core Rulebook from the European Payments Council prescribes the following rules for a direct debit mandate:
- &Uml;berschrift
- Mandate reference (assigned by the creditor)
- Name and logo of the creditor .
- Authorization by the payer: direct debit authorization and instruction to the payer's bank .
- Reference to the right of refund of 8 weeks .
- Details of the payer
- Further information on the creditor .
- Method of payment: one-time or recurring
- Place and date of signature .
- Details of the contractual relationship between creditor and payer .