Is there a European consumer bank which lets you generate a virtual bank account number for direct debit mandates? https://www.accenture.com/t00010101T000000__w__/au-en/_acnmedia/PDF-29/Accenture-Payments-Virtual-Accounts.pdf …
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Funny how Fraunhofer identified the weaknesses of SEPA direct debit 7 years ago and nothing has improved: - Most of Europe uses the two-corner model (bad) - Netherlands is on three-corner (good) - Fraunhofer recommends four-corner (bad) http://publica.fraunhofer.de/eprints/urn_nbn_de_0011-n-2752628.pdf …pic.twitter.com/2FWbF2SUeH
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The three-corner model (through the debtor bank) is the best option here, because it guarantees validity of the direct debit mandate and does not rely on the debtor bank to initiate the validation process (step 4). The four-corner model adds too much friction.pic.twitter.com/TrDVIpPKjf
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Never quite realized how cheap SEPA direct debit transactions are: €2 per batch https://www.ing.nl/zakelijk/betalen/geld-ontvangen/incasso/ … If you have 2,000 subscribers for €15 per month, collection would cost you 0.007% of your revenue vs 3% for credit cards on a standard Stripe contract That’s 460x cheaper!pic.twitter.com/BSQTVZSeo3
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The obvious weakness of the three-corner model for direct debit transactions is that it relies on the debtor bank to provide a good user experience. Is it even possible to provide incentives for that in a system of federated monopolists?pic.twitter.com/MSV72nQSxl
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Agree, it’s a really weird setup. I had €400 withdrawn from my account one time because someone mistyped their IBAN for mine. The bank said I had to ask the store to refund it. That was 2013. At least now consumers can do a chargeback in their banking app.
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Someone has to truly fuck up to type a wrong IBAN though

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