What is the name of a service where a bank makes regular payment on behalf of its customers
Answer Details
The name of the service where a bank makes regular payments on behalf of its customers is called a standing order. A standing order is a way for customers to set up regular payments to another person, company, or organization, such as rent, bills, or subscriptions. The customer specifies the amount, frequency, and duration of the payments, and the bank automatically transfers the funds on the specified date. Unlike direct debits, which are initiated by the payee, standing orders are initiated by the payer, and the amount remains the same each time. Standing orders are a convenient and reliable way for customers to ensure that their regular payments are made on time, without the need for manual intervention each time a payment is due.