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FINOM, the leading European digital banking solution for SMEs and entrepreneurs, today announced the launch of SEPA Direct Debit B2B (SDD B2B) for its customers.
This service is now available in all countries where FINOM provides local IBAN accounts through its own Electronic Money Institution (EMI) license. This new feature complements FINOM’s existing SEPA Direct Debit Core offering, providing a more comprehensive suite of payment options for businesses of all sizes.
Direct Debit is a convenient way for businesses to manage regular or periodic payments. There are two types of SEPA Direct Debits: Core, commonly used for recurring payments such as rent and subscriptions, and B2B, specifically designed for transactions between companies and payments to tax authorities.
SEPA Direct Debit B2B works in tandem with FINOM’s existing SDD Core service, creating a comprehensive direct debit solution that caters to diverse business needs. This new feature enhances FINOM’s capabilities in facilitating business-to-business transactions, offering a streamlined solution for these critical financial operations. By providing both options, FINOM ensures that businesses of all sizes and sectors can leverage the most appropriate direct debit mechanism for their specific financial operations, thereby optimizing cash flow management and enhancing overall financial efficiency.
“With the launch of SEPA Direct Debit B2B, we’re empowering SMEs across Europe to efficiently manage their payment flows,” said Yakov Novikov, co-CEO and co-founder at FINOM. “This feature simplifies complex financial operations, allowing small and medium-sized businesses to automate and manage their outgoing payments to other companies and tax authorities. It’s another step in our mission to build a full-stack financial operating system that enables entrepreneurs to streamline their financial commitments and focus on growing their businesses.”
Key features of FINOM’s SDD B2B service include:
Enhanced Security: A verification step requires users to approve each direct debit request, serving as electronic authorization for the transaction.
User-Friendly Notifications: Clients receive push notifications or emails when a debit request is received, allowing them to take prompt action.
Flexible Approval Process: Users can accept requests via the FINOM web or mobile app until 8:00 CET on the planned payment date.
Automatic Safeguards: If no action is taken, the direct debit request expires and is automatically declined, protecting clients from unauthorized transactions.
Recall Flexibility: Users can recall SEPA Direct Debit at any time.
This launch follows FINOM’s recent expansion of local IBAN services in key European markets, including France, Italy, and Spain, further solidifying its position as a leading financial services provider for European SMEs.
By on Tue, 23 Jul 2024 10:51:00 GMT
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