On 18 December the Plenary approved version 1.0 of the B2B Direct Debit Scheme Rulebook.
The Scheme provides a set of inter-bank rules, practices and standards which will allow the banking industry in to offer - on an optional basis - a business to business (B2B) direct debit product to business customers. The Scheme has been defined with the Direct Debit Scheme Rulebook v2.3 as a starting point.
The key characteristics of the B2B Scheme, which was developed in consultation with corporates, are a shorter time cycle for collections, the absence of a refund right for Debtors under the Scheme (disputes to be handled by the professional parties - Debtor and Creditor - directly), and stricter mandate checking procedures.
The document contains the necessary business rules to enable national banking communities, relevant stakeholders and suppliers to commence implementation planning, systems and product specfication and development.
A version 1.1 was originally planned for April 2008 after the resolution of residual legal issues, further alignment with the Payment Services Directive and some minor business enhancements. This will now only be submitted to the June 2008 Plenary for approval.
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