SEPA direct debit is a payment instrument enabling to write off Payer's financial funds while crediting them on the Receiver's account at the same day.
The Payer's and Receiver's account are kept by banks within SEPA region.
The SEPA direct debit currency is Euro.
Unlike the Slovakian direct debit the SEPA direct debit does not recognize the number of days repetition parameter when the Payer's account is not covered sufficiently. At the beginning of a SEPA direct debit due date the SLPS checks the Payer's account's security setting, valid direct debit approval, its parameters and financial coverage. In case the account is not sufficiently covered the SEPA direct debit is rejected. The Payer and the Creditor shall then make an agreement on how to settle the case.