Citi’s global transaction services business has adopted a new SEPA Direct Debit (SEPA DD) scheme and launched its solution. Citi said that its customers will now be able to access the pan-European Euro direct debit scheme in all eligible markets, where it has a geographical presence.
Citi added that it will be reachable as a debtor bank for both core and B2B schemes in all of its 22 countries within the SEPA area. However, SEPA DD collections will be offered to creditor customers in nine markets initially, with a plan to roll out the capability to all the 22 markets by mid 2010.
Karin Flinspach, head of receivables for Europe, Middle East & Africa at Citi, said: “As an industry leader and participant, we feel that it is vital that we support this scheme and truly believe in the value of SEPA DD. We will continue to work closely with our customers to help them to achieve the many advantages possible as a result of this new scheme.
“Citi is committed to playing an active role in delivering the SEPA DD proposition. It also seeks to influence future market developments by having ongoing enrolling conversations with our clients and providing their views and feedback to the industry relevant forums and commissions where Citi is a full member and actively leading discussions.”
