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IBANs even in the US can only be used for transfer a direct debit doesn’t uses IBANs. In the US a direct debit require a PAD/PAP authorization which is a bindi
by dogma1138 6y ago
IBANs even in the US can only be used for transfer a direct debit doesn’t uses IBANs.
In the US a direct debit require a PAD/PAP authorization which is a binding contract and it’s cleared via ACH.
- formerly_proven 6y agoBoth instant payment / transfer and direct debit work only with IBAN(+BIC) in SEPA.
- dogma1138 6y agoDirect debit requires an authorization that’s the PAD/PAP yes it’s a click but on the backend there is a contract signed and approved, you can initiate a transfer to anyone with just an account number no approval needed.
- deleted 6y ago[deleted]