27 October 2009 News

 

Bank of America Merrill Lynch prepared to launch Sepa Direct Debits

Bank of America Merrill Lynch is ready for the launch of Sepa Direct Debits on 2 November 2009, which will provide clients with enhanced receivables management across 32 European countries.

SDD enables the cross-border collection and payment of Euro direct debit transactions under a consolidated set of rules and processes, providing clients with an easier and more effective way to conduct business in Europe. Through SDD, clients could benefit from standardised charges and transaction cycle times, and the enhanced client reporting feature will allow them to differentiate their Sepa transactions.

SDD will be available to financial institutions and corporate clients through two schemes: core and business-to-business.