Once the update to Finom X is complete, you will be issued new IBANs. On the dashboard, you will have an overview of necessary steps for you to manage your Direct Debits, inform your counterparties and update your invoices.

We understand that your existing SEPA Direct Debits (SDDs) are essential to your daily business operations.

To assist with the transition, we’ve developed a tool that becomes available once you complete the update to Finom X from your dashboard. This tool will display detailed information about each SDD mandate created in the past 6 months, providing you with a registry of counterparties who will need to reinitiate their Direct Debits using your new IBAN:

The approval process for SEPA Direct Debits in Finom is quick and straightforward. Once your counterparty submits a new SDD request, you only need to approve it from your dashboard, in section “Planned payments”. There’s no need to create or upload new mandates.

The update to Finom X is designed to ensure that no important business data, including invoices, is lost or disrupted so you can continue your operations smoothly on the new Finom X platform.

All of your transaction and invoice records will remain intact and fully accessible after the update. You will still be able to view and manage your entire invoice history, just as you did before, ensuring a seamless transition.

Your invoices that have already been issued will remain fully accessible after the update to Finom X. However, if you expect a counterparty to pay an invoice in more than 30 days, we highly recommend reissuing the invoice with your updated payment details.

You can easily do this by duplicating the invoice in the Finom app, which will create a new version with your new IBANs and payment details.

💡 By ensuring that your counterparties have the correct information, you are taking a proactive step to make sure your payments are processed smoothly after the update to Finom X.

Any funds sent to your old IBAN will automatically be redirected to your new Finom X IBANs during 30 days after the update. This redirection is free of charge and ensures that your incoming payments are not disrupted during the transition.

After the 30-day period, your old IBANs will be fully deactivated, and any payments sent to them will be returned to the sender. To avoid this, we recommend informing your counterparties about your new payment details as soon as possible

Once you’ve completed the update to Finom X, from the dashboard you can click on the button “Inform your counterparties”. This will help you identify all counterparties linked to your previous IBAN and will allow you to send customized email notifications with your updated payment information.

The notifications will be sent on behalf of Finom, ensuring that your counterparties receive your updated payment details.

If you prefer to have more control, you can also download your new payment information and manually send it via email.

The tool also provides a full registry of your counterparties, ensuring that you efficiently update everyone who needs the new details, including those tied to SEPA Direct Debits.

For more information about the update, feel free to explore our comprehensive Help Center, by clicking here.
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If you have any further questions or need assistance during the update, our Customer Support team is ready to guide you through every step. You can contact us from in-app chat or by email at [email protected]