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 Direct Debit AuthoritySimply Fill Out and Return I 2013-2024

2013-2024 Form

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hi everyone welcome back to yet another session of learning simplified in this session we are going to understand more about direct debits so before we go to direct debits let's understand a simple payment transfer wherein a person on the left transfers money to the person on the right so in this we payer initiates a payment from his bank the remitter bank it turns forward the payments request to the beneficiary in the form of an empties 103 or a packs 008 or an ACH file the beneficiary bank or the saving it will credit to the beneficiary this is a very simple case of a payment transfer otherwise known as a credit transfer so here the person or the remitter is initiating the payment and the money is received by the beneficiary but what happens if it's vice versa in case the payment is not initiated by the remitter but in case it is initiated by the beneficiary so let's talk about this example wherein a direct debit is a financial transaction initiated by the creditor which is on the ri

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