SEPA Direct Debits are live
Europe have been big on account-to-account payments for many years. With the introduction of the Euro currency and the “Eurozone” banking integration, it is now possible to use Direct Debits to collect funds from a customer’s bank account from almost anywhere in Europe. The “Single Euro Payments Area” (or SEPA) system uses a common XML file format (we just love standardisation!) that most banks in the Eurozone will accept.
Unfortunately it is an Upload type that you have to manually upload to your bank’s online banking system (we would prefer a direct API approach) – but beggars can’t be choosers here! uCollect will email you when you have collections to initiate, and once you have downloaded the XML file for your bank uCollect will mark your invoice as paid in Xero.