SEPA payments outside the SR, but within the SEPA area easily, quickly, comfortably, safely and for the same fee as in the case of SEPA payments within the SR
Settlement of SEPA – Euro-transfer into the recipient's account at the maximum on the next business day following the date of settlement on the payer's account.
SEPA - Euro-transfer
A cashless transfer in EUR in the SEPA area (i.e. EU/EEA countries and countries outside the EU/EEA but involved in SEPA), which is paid by the payer to the bank on the basis of a payment order where the amount of the transfer is not limited and the money is credited on the recipient's bank account on the next day after the write-off date of the funds from the payer’s account. Both the payer's bank and the recipient's bank must have their registered office in the SEPA area.
A characteristic feature of SEPA-Euro-transfers is that the bank credits the full amount of the payment to the recipient's account. IBAN accounts are used for transfers.
Characteristics of SEPA-Euro-transfers
- The currency of transfer is always EUR. Exceptions are transfers in a currency other than EUR realized within VÚB Bank, which are considered as SEPA payments at VÚB Bank.
- Availability within the SEPA area (i.e. EU/EEA countries and countries outside the EU/EEA but involved in SEPA).
- The client involved in the transaction always only pays the charges of its bank.
- The bank's client is informed in advance about the fees for the transfer
- The full amount will be credited to the recipient's account and will not be deducted by fees.
- The amount of the transfer is not limited.
- The maximum settlement time of 2 business days - the payment is credited to the recipient's account no later than the next business day after the settlement date on the payer's account.
- IBAN accounts are used to identify the accounts.
- Rejected and returned payments are governed by a standard set of rules with the ability to automate processing in the bank as well as with the client.
SEPA direct debit
This is a payment service where the amount of the operation is debited from the payer's payment account and the SEPA direct debit payment order is submitted by the recipient on the basis of a mandate (i.e. SEPA direct debit mandate) provided by the payer in advance. The SEPA direct debit mandate is granted by the payer directly to the recipient and not the bank.
Protection mechanism against direct debit
The client has the following direct debit protection options during direct debit: a protected account and a blocked account.
- With a protected account, SEPA direct debit will only be made to the collector for which the client has a SEPA direct debit authorization in its account (the so-called white list). In the case of the first direct debit, when the SEPA direct debit authorization is not recorded in the account, VÚB informs the client that a SEPA direct debit (either SMS or e-mail) is waiting for him/her, and if the client wants the SEPA direct debit to be received, he/she must set up a SEPA authorization for the collector on his/her account, no later than 1 business day before the SEPA direct debit maturity.
- If the account is blocked , the client receives a notification that if he or she wants to accept a SEPA direct debit, he/she has to unblock his account at least 1 business day before maturity and establish a SEPA direct debit authorization for the collector, otherwise the direct debit will be refused on the due date.
Characteristics of SEPA direct debit
- Payments for direct debits in EUR within the SEPA area (e.g., expenditure on services of foreign mobile operators).
- Ensuring account protection according to the client's requirements, including the possibility to give authorization for SEPA direct debits for a particular collector.
- Notification of the client on the first SEPA direct debit received by the bank under a conditionally protected account.
- Possibility to make a payment in the form of direct debit for a service provided within SEPA countries.
- Equal charge imposition for SEPA direct debits within and outside the Slovak Republic but within the SEPA area.
- SEPA direct debit is settled on the recipient's account on the same day as it was settled on the payer's account.
- In the case of a lack of funds on the payer's account, the SEPA direct debit will be rejected from the other bank, i.e. the recurrence of SEPA direct debit disappears, so the client must secure the funds for its implementation in their account at the latest a day before the due date of the SEPA payment.
SEPA direct debit for businesses
- The client may submit payment orders for SEPA direct debit to VÚB Bank only on condition that he /she has a "SEPA Direct Debit Agreement" with the bank.
- VÚB Bank is an active participant in SEPA direct debit in the SDD B2B (SEPA Direct Debit Business to Business) scheme and SDD Core.
- B2B allows corporate clients to make direct debit payments, but this does not exclude corporate clients from doing Core SEPA direct debit transactions amongst each other.
- It increases efficiency for customers through the automation of processing and allows you to manage your finances in one single payment account across Europe.
- Invoices are paid on the due date.
- In B2B, unlike CORE, the payer is not automatically entitled to recover collected funds, but only after eligibility has been investigated.
- Determining the type of SEPA direct debit that corporate clients will perform among themselves is entirely within their competence.
Most frequently asked questions
What is the CID identifier and how does the payer get it?
The CID recipient identifier serves to uniquely identify the collector. It must be assigned to any entity that wants to use the SEPA direct debit payment instrument as the payment recipient, when it collects funds from the payer's account under a mandate.
For assigning a CID code, the collector must ask the bank through which he/she wishes to submit SEPA direct debit orders. It shall fill in the electronic form and the bank will arrange for it to be assigned an identifier from the CID central register maintained by the NBS.
What happens during direct debt?
In the case of SEPA direct debits, the payer - customer gives a mandate, i.e. a direct debit authorization directly to the recipient, (the supplier - collector), who will be entitled to collect it from the payer's account. The SEPA direct debit order will be given to its bank, which will also ensure that SEPA direct debits are made in the payer's bank. In addition, the recipient must have a CID identifier, an agreement with the bank to execute a SEPA direct debit, meet deadlines or retain mandates with its partners (payers) and fulfill other obligations. Payments in the form of direct debits are not recycled (except for SEPA direct debits within VÚB Bank, which is recycled on the due date).
The collector is informed of the rejection of the SEPA direct debit from the processing and, if rejected at the time of processing on the payer's side, the payer as well. After the CORE direct debit has been carried out, the client has the right within eight weeks to request a refund, and this will be automatically refunded by the bank from the collector’s account (in the case of B2B SEPA direct debit, the bank will execute the examination of the eligibility of the return requirement).
If the client requests to return it after the listed due date and within 13 months from the date of the SEPA direct debit, a non-authorized collection is automatically performed, and the bank will ensure the eligibility of the client's claim.