If you are setting up a new direct debit mandate, your client will need to accept this within the client portal.
Where you are setting up a new regular direct debit collection, you will need to ensure the 'pay in' application has been submitted 4 working day prior to the collection date of 7th, 14th, 21st or 28th, otherwise the payment will be collected the following month.
Setting up a new mandate and instructing direct debit instructions
- T+0 - DDM accepted and single payment keyed
- T+2 - DDM confirmation received by client bank
- T+5 - Collection request sent to the bank
- T+8 - Money leaves client account
- T+9 - Money gets credited to the client's Soderberg account
Instructing a single direct debit (with a live direct debit mandate)
- T+0 - Single payment keyed
- T+2 - DDM confirmation received by client bank
- T+3 – Funds collected from bank account
- T+4 - Money gets credited to the client's Soderberg account
Regular direct debit (with a live direct debit mandate)
- Transactions created 5 working days before the payment date
- Money collected from the client’s bank account on the payment date (or the next working day)
- Money allocated to the client’s investment account on the following working day