Last week, SEB launched the Core Creditor product, which will impact predominantly corporations, organisations and authorities using direct debits for mass billing of consumers.
SEPA Direct Debts (SDD) is a fast, secure and convenient way to make direct debits, domestic and cross-border, within the 32 SEPA countries. For example, a German can approve his euro account in Germany to be debited in order to pay monthly rent for his Spanish holiday home.
"SDD is a completely new product range on the European market. SEB is at the forefront, up and running," says global SEPA product manager Henrik Bergman.
"This is a complex product that will replace all domestic direct debit euro payments in the future within the SEPA area"
A word of caution, however, comes from Bergman who says Core Creditor will have a slow start. The SEB SDD product portfolio will be completed with the introduction of business-to-business (B2B) offerings in early 2011.
More about SEPA Direct Debit