SEPA (Single Euro Payments Area)

SEPA stands for "Single Euro Payment Area". The SEPA basic direct debit mandate replaces the previously used direct debit authorization. As with the direct debit authorization, payments are explicitly distributed. The payment owed will be taken once from your account. For annual insurance policies and installments, payment will be taken on a recurring basis.

IBAN - This is recognition that your account belongs to a credit institution, allowing you to make international payments. The IBAN is comprised of 4 parts. The two-letter country code, two check numbers, the national bank sort code and the national account number (is filled in on the left with zeros if applicable). Each country has its own IBAN length. In Germany the IBAN code is 22 characters long and in Austria it is 20 characters.

BIC - International bank code of a credit institute, enabling payment of international transactions. Similar to the national bank sort code. It contains 11 characters. Letters 1-4 correspond to the bank code, letters 5 - 6 correspond to the country, digits 7-8 represent local/regional details and digits 9 - 11 are the branch identifier (may be left blank or represented by "XXX").

Creditor ID - The creditor identification number is a unique identification of the direct debit originator. The number is applied for with the federal bank and issued by them.

Mandate reference - The mandate reference is the unique identification of the issued SEPA mandate for payment transactions. The mandate reference appears on every direct debit.

Payment service provider - This refers to the credit institute with which the account is held. Your banking institute, Sparkasse etc.