What is SEPA mandate in SAP SRD-FIN-ACR - FIN-Receivables?

SAP Term: SEPA mandate

• Component: SRD-FIN-ACR

• Component Name: FIN-Receivables

• Description: An authorization by a debtor for a creditor to collect payments by means of the SEPA Direct Debit.

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• Key Concepts: 
  SEPA (Single Euro Payments Area) mandate is a payment instruction that is used to initiate a direct debit payment from a customer’s bank account. It is used in the SAP SRD-FIN-ACR FIN-Receivables component to facilitate payments from customers. 
  
  How to use it: 
  In order to use the SEPA mandate, the customer must first provide their bank details and sign the mandate. This information is then entered into the SAP system and a SEPA mandate is created. The customer can then authorize payments to be made from their bank account via the SEPA mandate. 
  
  Tips & Tricks: 
  It is important to ensure that all of the customer’s bank details are correct before creating the SEPA mandate. This will ensure that payments are made correctly and on time. 
  
  Related Information: 
  The SEPA mandate is part of the European Union’s Payment Services Directive (PSD2). This directive aims to make payments within the EU more secure and efficient.