Eurogiro now also CSM for SDD

Eurogiro has now posted its disclosure letter as a SEPA Direct Debit compliant Clearing and Settlement Mechanism (CSM) with the European Payment Council (EPC). Eurogiro has developed the basic message exchange formats to comply with the SEPA Core Direct Debit requirements. The development was made in close cooperation with Deutsche Bank and Swiss PostFinance who also were the first to request that Eurogiro expand its service offering to include the SDD.

The SEPA Direct Debit is a new type of product in the Eurogiro portfolio. Up till now, Eurogiro payments have been credits and cash payments. Coming the transposition of the EU payment Services Directive from 2 November 2009 into national laws in all EU countries, the new SEPA cross border Direct Debit is expected to get optimum conditions for growth.