ING Launches SDDs

ING has launched core and B2B single euro payments area (SEPA) Direct Debits (SDDs) across its European network. The SDD scheme was introduced on 2 November.

ING clients can receive SDDs from all ING’s EU branches, with the exception of Slovakia. ING Belgium also allows the initiation of SDDs, with branches in Germany, France and the Netherlands to follow suit in 2010.

The SDD scheme is the new European standard for direct debits following the introduction of SEPA, which was introduced in 2008 to harmonise European payments and to improve the efficiency of payment services in the European Union (EU).

ING Netherlands, ING Germany and ING France are scheduled to start offering initiations next year. ING also allows other financial institutions to use its SDD initiation and receipt facilities.


Related reading

New consumer banking head for Citi Asia Pacific