Glossary

Direct Debit

Is a Transaction where one person (whether natural or legal) withdraws funds from account of another.

How does Direct Debit work?

In Direct Debit, Beneficiary who supplies either goods or services is authorised to withdraw the funds from Originator's account. In order for such Transaction to happen Originator must authorise such withdrawal and hence allow Beneficiary to process the funds stored on the account.

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