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Managing your SEPA mandates

EPBF proposes you a solution in order to manager your SEPA mandates.

By signing a SEPA mandate, the Debtor authorizes the Creditor to initiate collections by debiting the specified Debtor account. He also authorizes his bank (Debtor Bank) to debit the Debtor account in accordance with the instructions of the Creditor.

It is the responsibility of the Creditor to store the original mandate, together with any amendments related to the mandate for as long as the mandate exists. If a mandate is not used by the Creditor for 36 months it becomes invalid. After a cancellation, the mandate must be stored by the Creditor for a period of 13 months for unauthorized refunds. Archiving needs to be accordance with local laws. In Belgium 10 years of archiving is legally required.

In order to be compliant a SEPA mandate needs to contain the following elements:

  • Indication if it is a Core or B2B mandate.
  • Legal text which is provided for Core or B2B mandates.
  • Creditor's information (name - address - creditor ID).
  • Debtor's information (name - address - IBAN - BIC).
  • Mandate reference: a unique reference chosen by the Creditor of maximum 35 characters. Using the same reference for both Core and B2B SEPA Direct Debits is not allowed. In addition, you need to inform your clients of this unique reference.
  • The mandate needs to state whether it is a one-off or recurrent direct debit.
  • The mandate must have a clear heading entitled “SEPA Direct Debit Mandate”, the word SEPA being mandatory.
  • In some countries there are specific legal obligations e.g. in Belgium, there is a legal obligation, according to the Payment Services Directive (PSD), to add the field 'in respect of the contract', which is part of the 'details regarding the underlying relationship between the debtor and the creditor' section of the mandate.

The layout of the SEPA Direct Debit mandate form may be changed, but all the content above is mandatory. The reverse side of a mandate must not contain any info that might be misunderstood by the Debtor to be part of the mandate

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