💡 This article describes a feature that is unavailable for users with the following BIC: SOBKDEB2XXX
If you have an account with BIC SOBKDEB2XXX, please consult this article
You will be informed about direct debit as soon as we receive the request to debit your account from your counterparty’s bank, but not earlier than 14 days before and not later than 24 hours prior to the direct debit effective date.
💡 Our direct debit transactions are processed early in the morning, between 1:00 AM and 2:00 AM on the settlement date specified in your mandate. Any deposits made after this time will not be included in that day’s debit attempt.
Please note that we currently do not offer a grace period or an automatic retry later the same day if a debit fails. To avoid issues, we recommend ensuring your account has sufficient funds before the processing window.
How to set up B2B Direct Debits
To set up B2B Direct Debit, you don't need to send us a mandate. It is communicated to Finom by creditor, all you need to do is to approve it in your personal space.
Once the B2B direct debit is received, you’ll get an email and mobile push asking to approve or reject the direct debit. You can do it before the planned payment date.
In your personal space, you can easily find this Direct Debit. It will appear in the Planned payments in the To pay status.
You need to click on the planned transaction. You will then have an option to approve the Direct Debit.
You will be offered a choice to approve all the future Direct Debits from this merchant. To do this, click on “Enable auto-approval”. You will not need to approve any future Direct Debits from this merchant.
Or you can choose to do it later by clicking “Not now”, in this case next month you will need to approve the Direct Debit again.
You will need to confirm the action in the Finom mobile app, or by entering a 6-digit code sent to you by SMS.
The transaction will change to status “Scheduled”
How to set up Core Direct Debit
There is no need to do anything to set up Core Direct Debit - just provide IBAN details to your counterparty. The Direct Debit will appear in your “Planned” payments section in the status “Scheduled”. You don’t need to approve it, but you can decline it, if you need to.
Can Direct Debit be cancelled before the effective date?
Yes, direct debit can be cancelled by your counterparty or counterparty’s bank, by yourself or Finom. It depends on the decline reason.
How can I decline the direct debit?
To decline payment via web or mobile app you should do it no later than 24 hours before the effective date:
You should find your payment in the Planned Payments section
Open the transaction page, click on 'Decline payment', and confirm it.
Payment status will be changed to Declined
💡 By rejecting the Direct Debit, you are not rejecting the future debits. If you want to reject Direct Debit once and for all, please contact our support team from in-app chat or by email at [email protected]
If you didn’t react on the Direct Debit request before the planned date of the debit, the direct debit will be automatically rejected.
Further direct debits from that counterparty (with the same Mandate ID) need to be approved or rejected again.
Will I be informed about the cancellation of direct debit by counterparty?
Yes, we’ll send you the notification by email and mobile push about the cancellation of direct debit as soon as we get the request for it. Transaction status is changed to “Declined” with the indicated reason.
Why my direct debit was declined?
There can be several reasons for this:
Insufficient funds in your wallet on the payment execution date. Be aware, that in this case we’ll charge 5 euros as a fee.
You had unpaid fees for using your Finom account at the payment execution date.
Your outgoing payments were limited due to some regulatory checks
Your counterparty has incorrect payment details (IBAN)