A standing order is an instruction you set up in your own online banking to pay a fixed amount to someone on a regular date. Unlike a Direct Debit, you control it entirely — you decide the amount, the date and when it stops.
Standing order versus Direct Debit
A Direct Debit lets us collect a variable amount on the agreed date, with the Direct Debit Guarantee behind it. A standing order is fixed and controlled by you, with no Guarantee. For a facility where the collection can vary — such as Credicorp Flex — a Direct Debit or an exact transfer each time is safer than a fixed standing order. See how to set up a standing order for repayments.
When a standing order suits
A standing order works well for fixed instalments, for extra regular overpayments on top of a Direct Debit, or as a stopgap if a Direct Debit is temporarily unavailable. See setting up regular automatic overpayments and paying while your Direct Debit is cancelled.
Related terms
Credicorp lends to companies rather than to you personally, so this is business finance outside the consumer-credit regime. That does not change the practical steps below.
See also: How to set up a standing order for repayments, Direct Debit Guarantee (definition), What payment methods can my company use?.