Banking Domain Knowledge

Direct Debit VS Standing Order

Both are schedule payments only to make the customer life easy by paying the bills automatically and giving theire valuable time back to customers

Direct Debit	Standing Order
Pull Model	Push Model
There could be a variation in the amount to be paid each time till the schedule time	Fixed amount always till the schedule period
Ex1:Electicty Bill - The amount will change based on the usage each month,So the organization will pull the amount from your account w.r.t the spent to whom we owe	Ex1:Netflix subscription bill payment - It will be fixed according to the plan you choosen earlier and every month fixed amount
Ex2:Phone post paid bill payment - The amount will change based on the usage each month,So the organization will pull the amount from your account w.r.t the spent to whom we owe	Ex2:SIP / EMI / Rent per month - which will be fixed according to the plan you choosen earlier and every month fixed amount

Account Switch

All the banks should adher to the rules of Account Switch,If a customer would like to switch from one company bank account to other it should provide the option and Also move all the schedule payments like direct debits and standing orders

Paper Mandate VS E-Mandate