LHV Pank became a direct member of the European Direct Debit Scheme


LHV became a direct member of the European Direct Debit Scheme, which means that LHV will be able to accept and send out direct debit collections in euro between all banks in the SEPA region that have joined the Scheme.

However, the change does not mean anything new for LHV retail customers at the moment. In Estonia, the e-invoicing service continues to be used instead of direct debits.

At the moment, LHV Bank is also the only direct member of the scheme of direct debits from Estonian banks and therefore, in the future, it will be the clients who make euro payments abroad that will benefit from the direct debits system, for example when making regular payments to international service providers. This new service can be opened to the LHV clients in 2022.

A direct debit is an agreement between the beneficiary and the payer, according to which the payer's bank makes a transfer from the customer's account to the beneficiary on an agreed date. In Estonia, direct debits were a rather common way of paying invoices until 2014, when direct debits were replaced by e-invoices.

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