Common use of SEPA Clause in Contracts

SEPA. With a SEPA payment, the payer (with a SEPA credit transfer) or the payee (with a SEPA Direct Debit) can include up to 140 characters of information about the payment at the time of initiating it. This information may not appear in full on statements but is available from Barclays on request. SEPA Direct Debit is a means of originating Direct Debits/making a Direct Debit payment in Euro across the Single Euro Payments Area (SEPA). A SEPA Direct Debit will be made where a person gives authority to a third party (the Originator) to take a payment from its bank account. SEPA is currently made up of all the EEA Countries together with San Marino, Switzerland and Monaco and their territories. There are 2 SEPA Direct Debit schemes: (i) SEPA Core Direct Debit, and (ii) SEPA B2B Direct Debit. The Core scheme can be used to originate payments from both consumers’ and business customers’ accounts. The B2B scheme can only be used to originate payments from business customers’ accounts. The European Payments Council has published separate rulebooks governing both schemes. Where Barclays allows the Customer to make payments under a particular scheme, Barclays must comply with the latest version of the rulebook for that scheme. As well as providing the account from which the Customer will make the SEPA Direct Debit payment, Barclays may provide the account into which the SEPA Direct Debit payment will be collected by the Originator. The Customer may request that Barclays prohibits any payments leaving its accounts by SEPA Core Direct Debit (either generally or to a specific recipient) and may also limit payments by amount and frequency. The Customer may request that Barclays obtains all relevant information, including any Instruction, in relation to a SEPA Direct Debit. Barclays will provide this to the Customer without undue delay.