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Automatic Payment Direct Debit Plan Authorization Agreement Form

Automatic Payment Direct Debit Plan Authorization Agreement Form

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Instructions and help about Automatic Payment Direct Debit Plan Authorization Agreement

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 the payer initiates a payment from his bank know as the remitter bank the remitter bank in terms forward the payments request to the beneficiary in the form of an Mt 103 or a px 008 or an a file the beneficiary Bank of receiving 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 it is initiated by the beneficiary so let's talk about this example wherein a direct debit is a financial transaction initiated

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