Direct debit funding
A direct debit funding is a process which results in an increase of the cash balance from the user's IBAN specified on their mandate.
Coming soon
Soon your users will also be able to fund their account groups with additional funding methods, such as credit transfers.
It may also be useful to understand cash balances before proceeding further with this guide.
Lifecycle of a SEPA direct debit
The clients send a direct debit funding request on behalf of their users.
Upvest executes the request with users' banks.
Once the funds are received, Upvest updates the user's account group cash balance.
The settlement of funds typically takes two business days.