Direct Debit (Bacs Direct Debit)
Direct Debit is a UK payment method, run on the Bacs system, where a customer authorises an organisation to collect varying amounts from their bank account on agreed dates. It is protected by the Direct Debit Guarantee and is a mainstay of loan repayment collection.
Direct Debit is reliable and familiar but runs on a multi-day cycle, gives limited real-time control, and failed collections are only known after the fact. Variable Recurring Payments offer a faster, more flexible Open Banking alternative.
Predicting and preventing failed Direct Debits protects both the lender's cash flow and the customer's credit record.
Credit Canary builds direct debit into one platform for UK lenders, with the data and decisioning behind it.
Payment ManagementSee direct debit in a working platform
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