Standing Payment Order serves for the payment of liabilities or effecting payment from the account holder’s current account in favour of the account of the beneficiary of the standing payment order. All the Bank's clients with open current account can arrange a Standing Payment Order with the Bank. There are two types of Standing Payment Order: Standing Order (fixed standing order) and Direct Debit (direct debt).
Standing Payment Order
Standing Payment Order is the Client's order for the Bank to pay a particular fixed amount of funds to account of designated Standing Order Beneficiary, with previously defined payment intervals (e.g. every 10th day in a month), within a specific period of time. This type of payment is mostly used for payment of fixed expenses, transfer of funds from one account to another, increase of savings in a fixed amount and etc.
Client's instruction to the Bank to charge the Client's account according to amount submitted by file from a legal person (Standing Order Beneficiary) and that amount is variable. It is mostly used in case of variable accounts, such as payment of credit card liabilities, utilities such as electricity, mobile and landline phone services and etc.
Direct debit is authorization to the Standing Order Beneficiary to request cash payment in the manner that the Standing Order Beneficiary can request payment of different amounts in different periods, making Direct Debit more flexible in relation to the Standing Order.
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