In payment transactions, the collection of an amount from the account of a debtor (payer) with his consent to the account of a creditor (payee, recipient of the payment) through the intermediary of a bank (paying agent). The debit is made by – debit authorization: the payee is authorized by the payer to collect a certain amount from the payer’s account on specified due dates or – direct debiting: the payer authorizes his bank to make a debit on specified due dates, i.e. to transfer money from the payer’s account to the payee’s account. Corresponding transfers are nowadays carried out almost exclusively by electronic means. – See debit authorization, direct debit, electronic, Single European Payment Area, transfer, conditional.
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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
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