SDD - SEPA Direct Debit scheme
SEPA Direct Debits (SDD), a part of the overall Single Euro Payments Area (SEPA) initiative, is the payment instrument and scheme that by 2010 is intended to replaced the existing domestic direct debiting schemes. The SEPA Direct Debit scheme, a new SEPA-wide core direct debit service, presents the opportunity for banks to offer a pan-European direct debit product in euro. This represents a significant innovation as, for the first time, it allows creditors, such as utility and insurance companies, to conveniently collect payments in euro from their customers whether domestically or from other SEPA countries.