Are Direct Debits included as part of recurring payments?
The Banking code of practice (BCOP) requests for similar information, and we wanted to know if the API requirements are the same for both.
Please refer to page 41 of the following link for more information:-
Yes this is correct; it includes both. Noting that where a data holder can deduce a recurring payment this would apply to credit/debit card accounts via the direct debits API.
The financialInstituion in the BankingAuthorisedEntity would be omitted for credit cards.
The time range of required consumer data mentioned in the BCoP are referred to in the CDR Rules section 3.2. (4) (d) & (e) (page 109):
(d) account data that relates to an authorisation on an account for direct debit deductions, where:
(i) the account is open at that time; and
(ii) the direct debit deduction occurred more than 13 months before that time; or
(e) account data that relates to an authorisation on an account for direct debit deductions, where the account is closed at that time.