The Debit Authorisation Agreement is essential for establishing automated payment arrangements in the UK financial system. It serves as the foundational document for setting up direct debits, whether for regular fixed payments or variable amounts. This agreement type is commonly used across various sectors including utilities, insurance, and subscription services, providing a secure and regulated method for recurring payments. Under English and Welsh law, it must comply with the Payment Services Regulations 2017 and incorporate the Direct Debit Guarantee scheme, offering protection to both the payment processor and the account holder.
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1. Parties: Identifies the payment service provider and the account holder
2. Background: Explains the purpose of the debit authorization
3. Definitions: Defines key terms used in the agreement
4. Authorization: Core debit authorization terms and permissions
5. Payment Details: Specifies amount, frequency, and timing of debits
6. Duration: Terms regarding the length of the authorization
7. Termination: Conditions for ending the authorization
1. Variable Payment Terms: Additional terms for arrangements where payment amounts may vary over time
2. International Payments: Additional terms for cross-border transactions and foreign currency payments
3. Multiple Account Provisions: Additional terms when authorization covers multiple bank accounts
1. Payment Schedule: Detailed breakdown of payment dates and amounts
2. Direct Debit Guarantee: Standard Direct Debit Guarantee text as required by UK banking regulations
3. Account Details Schedule: Banking details and reference numbers for all relevant accounts
4. Data Processing Terms: Detailed terms regarding the processing of personal data in accordance with UK GDPR
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