Non-residents › Sampo Pank Joined the Interbank Direct Debit System
Sampo Pank Joined the Interbank Direct Debit System
14.06.2007
On the 13th of June, six Estonian banks signed an agreement on the Interbank Direct Debit System which enables customers to effect domestic direct debit transactions also in the case when the payer’s and the beneficiary’s accounts are not in the same bank.Until now the biggest Estonian commercial banks offered the direct debit service only in the case, when the payer’s and the beneficiary’s accounts were in the same bank. From the 14th of June, the Domestic Direct Debit Cross-use System, which was created on the initiative of the Estonian Banking Association, enables to effect direct debit payments between different banks. At present the new service is available only to the clients of Hansapank, SEB Eesti Ühispank, Nordea Bank, Sampo Pank, Eesti Krediidipank and Tallinna Äripank. However, other banks are also invited to join the new system.
The new service does not replace the present intrabank direct debit system, but it provides wider opportunities for the collection of direct debit payments.
The service enables companies to collect direct debit payments from their clients who have accounts in different banks, without concluding DD Originator Agreement with all banks. For customers it means that they can pay bills to all companies that collect payments by direct debit, irrespective of the company’s bank.
For Sampo Pank’s private clients, the new service provides a wider range of companies for whose goods and services it is possible to pay by direct debit. For corporate clients, the new system makes collection of payments from private clients considerably easier and more efficient.
“If companies start to use the new service actively, the clients of small banks will benefit most due to the growing number of companies that accept direct debit payments,” admitted Margus Žuravljov, development director of Sampo Pank.