The European Commission and the European Central Bank (ECB) have issued a joint statement clarifying certain principles underlying a future SEPA direct debit (SDD) business model.

The purpose of the statement is to encourage the European Payments Council to launch the SDD scheme on 1 November 2009. The Commission also makes clear that a general per transaction multilateral interchange fee for direct debit transactions does not seem justified for efficiency reasons and therefore does not appear compatible with EU anti-trust rules. The Commission and the ECB also note that the forthcoming approval of the revised Regulation on cross-border payments will provide a three-year transitional regime for the SDD business model.

View Joint statement by the European Commission and the European Central Bank clarifying certain principles underlying a future SEPA direct debit business model, (PDF 16.8KB), 24 March 2009