For some, Europe is the future.

Transcription

1 SEPA for self-employed persons, Page 1 of 8 Specific information for self-employed persons For some, Europe is the future. For us, it is the present. SEPA. The new European payments area. This English text describing SEPA for self-employed persons is a translation of the original German text and is provided for your convenience only. In the event of discrepancies, the German text shall prevail over the English translation.

2 SEPA for self-employed persons, Page 2 of 8 Concept of a unified European Payments System. SEPA the concept. Following the introduction of the euro as the single currency, the unification of the European payments system is now under way. These steps are designed to promote economic growth and enhance the strength of the European Union. The purpose of the Single Euro Payments Area (SEPA) is to standardise the European payments system so that it functions like a single domestic payments infrastructure and offers sustainable payment instruments for mass-market transfers around Europe under comparable conditions. In practical terms this means that businesses and consumers can carry out their euro transactions within SEPA countries under standard conditions, just as easily and as securely as in their own country. Thus it no longer makes any difference if you want to make a payment at home or a European payment abroad. SEPA not only impacts on cross-border payments throughout Europe, but also on almost every payment (roughly 98%) currently processed at home. The following SEPA payment instruments are available to you: SEPA credit transfer. SEPA direct debit. SEPA B2B direct debit. SEPA countries: SEPA primarily covers the countries of the euro area: Belgium, Germany, Estonia, Finland, France, Greece, Ireland, Italy, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovakia, Slovenia, Spain and Cyprus. But the other countries of the EU (Bulgaria, Denmark, the United Kingdom, Latvia, Lithuania, Poland, Romania, Sweden, the Czech Republic and Hungary), of the European Economic Area (EEA), such as Iceland, Liechtenstein and Norway, as well as Switzerland and Monaco are also included in this euro payments system.

3 SEPA for self-employed persons, Page 3 of 8 SEPA your advantages at a glance. Easier to purchase goods and services in the SEPA area. Standardised modes of payment within Europe. Greater transparency: all payment transactions have clear and standardised conditions and set deadlines for execution in all SEPA countries. More security in payment transactions: unique and verifiable IBAN (International Bank Account Number) and BIC (Bank Identifier Code) instead of account number and bank sorting code. Standard legal framework (Payment Services Directive, PSD), which in Austria is implemented by the Payment Services Act (ZaDiG). Objection period of eight weeks for a cross-border direct debit in the SEPA area. New standards. For SEPA payments there are standard regulations in force regarding payments between SEPA countries. For example, it makes no difference if the transaction is made within Austria or between Austria and Germany. Depending on the creditor country and the amount of the individual order, SEPA payments are accounted for as domestic payments, EU crossborder payments or as international credit transfers (whichever is best for the customer). The XML formats valid in Austria must be used for electronic data transfers in connection with a SEPA credit transfer, a SEPA direct debit or a SEPA B2B direct debit. (For more information see IBAN (International Bank Account Number) and BIC (Bank Identifier Code). To make a SEPA payment you will need your unique IBAN and BIC as well as the IBAN and BIC of the creditor/debtor. The IBAN is an internationally standardised description of bank details and includes the country code, bank and account details as well as a check digit. The BIC is a bank s identification code which is used worldwide. It is also often referred to as the SWIFT code. Your personal IBAN is printed in the footer of your account statements. Bank Austria s BIC is BKAUATWW. The IBAN and the BIC of the creditor can be found on invoices for example, or by asking the creditor. IBAN conversion service. In conjunction with the Society for Payment System Research and Cooperation (STUZZA), Austrian banks offer an interbank service to determine and verify Austrian BICs and IBANs that will replace bank sorting codes and account numbers. SEPA credit transfer conditions for Switzerland and Monaco. SEPA terms and conditions but not the EU cross-border payments regulation apply for transfers in countries that are party to the SEPA agreement yet are neither EU nor EEA member states (currently Switzerland and Monaco). This means that SEPA credit transfers are not recorded as EU cross-border payments but as international payments.

4 SEPA for self-employed persons, Page 4 of 8 SEPA Payment instruments. SEPA credit transfers. Since 28 January 2008 it has been possible to use SEPA credit transfers for both domestic and cross-border payments throughout the SEPA area. The uniform standards apply for all transfers in euros within the SEPA area regardless of the amount. Main features of SEPA credit transfers: Bank details must be given as IBANs and BICs, without exception (details for both creditor and debtor required). The original amount is transferred without any deductions; any charges are debited separately. The payer and the beneficiary each bear their own costs in accordance with current EU cross-border payments. The crediting of the beneficiary s account is guaranteed within 3 banking days or less (from 1 January 2012: one banking day). The EU cross-border payments regulation applies for payments within the EU and the EEA up to EUR 50,000. SEPA direct debit. Since the implementation of the pan-european Payment Services Directive in national laws on 1 November 2009, it has represented a completely new feature for cross-border payments in Europe, as previously there was no standardised procedure for direct debiting. Creditors are authorised by debtors to collect direct debits (SEPA mandate). In terms of SEPA direct debits there are two kinds of procedure: the SEPA Direct Debit Core and the SEPA Direct Debit B2B Business to Business. SEPA direct debit core. The main features of SEPA direct debits are as follows: Both the bank of the creditor and the bank of the debtor must participate in the SEPA direct debit core procedure. SEPA direct debits may only be submitted and ordered electronically. Direct debits may only be made in euros. Each creditor requires a uniform, clear and standardised Creditor ID, which is requested via its own bank and issued by the Oesterreichische Nationalbank (OeNB). A consumer or non-consumer can be given as the debtor. A SEPA mandate is required for a SEPA direct debit. Bank details must be given as IBANs and BICs, without exception (details for both creditor and debtor required). Accounts must be denominated in euros. The creditor undertakes to inform the debtor in a suitable form no later than 14 days before the SEPA direct debit is due about the amount and date of the payment (unless another deadline is agreed upon between the debtor and the creditor). The due date of the SEPA direct debit given by the creditor upon submission of the order and agreed with the debtor is the same as the debit date. SEPA direct debit is displayed on the account statement. A new agreement is not required for existing authorisations as part of the direct debit authorisation procedure. The debtor is entitled to demand a refund of a SEPA direct debit within 8 weeks of the debit being made. Where there is no SEPA mandate, refunds can be requested within 13 months by consumers, and within 3 months by non-consumers. In the event of recurring SEPA direct debits, the first, the recurring and the last SEPA direct debits must be labelled as such. One-off SEPA direct debits must also be labelled as such.

5 SEPA for self-employed persons, Page 5 of 8 SEPA direct debit mandate. Collecting a SEPA direct debit requires a valid SEPA mandate of the debtor which has certain defined parts; mandates differ in terms of use and wording, and are therefore not interchangeable. At the request of the creditor, pre-authorised payment mandates in Austria can be converted into SEPA direct debit mandates. The creditor must inform the debtor of this change in writing (in the language of the given country and in English). The creditor is obliged to retain SEPA mandates and present them upon request. SEPA mandates vis-à-vis the creditor can be withdrawn by the debtor. Only the content of the SEPA direct debit mandate is prescribed, not the format. The legal part of the SEPA direct debit mandate must read as follows: I/We hereby authorise [name of creditor] to collect payments from my/our account by means of a SEPA direct debit. I/We hereby instruct my/our bank to honour the SEPA direct debits submitted by [name of creditor] to my/our account. Within eight weeks from the date of the debit I/we can demand a refund of the debited amount. The terms and conditions agreed upon with my/our bank apply. Additionally, the following information must be included on the SEPA direct debit mandate: Name, address and Creditor ID (CID) of creditor. Indication whether the SEPA mandate applies for recurring payments or for a one-off payment. Name and bank details in the form of IBANs and BICs and signature of the account holder and debtor. Place and date the mandate was signed. Unique mandate reference given by creditor: Together with the Creditor ID this clearly identifies the SEPA mandate. Can be up to 35 alphanumeric characters long. Can be included in the SEPA mandate or given subsequently by the debtor. When giving the mandate reference, the possibility of the mandate being recalled by the debtor should be taken into account (e.g. stating policy number for insurance not customer number). SEPA direct debit B2B business to business. The main features of SEPA B2B direct debits (in comparison with SEPA direct debits) are as follows: Both the bank of the creditor and the bank of the debtor must participate in the SEPA direct debit B2B procedure. Only non-consumers can participate as creditors and debtors. A SEPA direct debit B2B mandate is required for a SEPA direct debit B2B. This must be issued again between the creditor and debtor. Continuing with existing mandates (authorisations as part of the direct debit authorisation procedure or debit orders for direct debits) is not permitted. The debtor must inform its bank in good time about the SEPA direct debit B2B mandate. SEPA B2B direct debit will be displayed on the account statement of the debtor. If it informs its bank in good time about the SEPA B2B direct debit the debtor is not able to request a refund of a SEPA B2B direct debit from the day it is made. Refunds can be requested within 3 months for transactions without a SEPA B2B direct debit mandate. Recurring and one-off SEPA B2B direct debit mandates must be submitted no later than two banking days before they fall due.

6 SEPA for self-employed persons, Page 6 of 8 SEPA B2B direct debit mandate. Authorisation from the debtor via a SEPA B2B direct debit mandate is required for the creditor to submit SEPA B2B direct debits. This must be collected by the creditor, and issued directly by the debtor to the creditor. It must be formulated in the national language of the debtor, and, if the language used is not clear for the creditor, then in English as well; it must also be archived by the creditor. If a creditor has already carried out direct debits or collections and would like to switch to SEPA B2B direct debits, a new SEPA B2B direct debit mandate must always be obtained. If a SEPA B2B direct debit mandate is received by the bank of the debtor, the bank is obliged to check said SEPA B2B direct debit mandate. Consequently, the debtor must notify its bank in good time about the issue of the mandate by presenting it. Only the content of the SEPA B2B direct debit mandate is prescribed, not the format. The legal part of the SEPA B2B direct debit mandate must read as follows: I/We hereby authorise [name of creditor] to collect payments from my/our account by means of a SEPA B2B direct debit. I/ We hereby instruct my/our bank to honour the SEPA B2B direct debits submitted by [name of creditor] to my/our account. This SEPA B2B direct debit mandate is only designed to collect SEPA B2B direct debits that are drawn on the accounts of businesses. After the payment is made, I am/we are not entitled to demand reimbursement of the debited amount. Until the maturity date I am/we are authorised to instruct my/our bank not to carry out SEPA B2B direct debits. A sample of the SEPA B2B direct debit mandate can be found as a PDF on the Bank Austria website: Cash Management & Zahlungsverkehr/Zahlungsverkehr & Konto/SEPA/SEPA Firmenlastschrift. Schedule for SEPA payments system. 28 January 2008: SEPA credit transfers have been offered since 28 January November 2009: Most banks have offered SEPA direct debits in the form of a SEPA direct debit core and a SEPA direct debit B2B since 1 November November 2010: Banks in euro area countries which also support national direct debiting procedures are obligated to offer SEPA direct debits. 1 November 2014: Banks in EU countries outside the euro area which also support national direct debiting procedures are obligated to offer SEPA direct debits. This means that customers can opt for either traditional national or pan-european SEPA payment solutions.

7 SEPA for self-employed persons, Page 7 of 8 Overview of international payments List of countries European country ISO code Length of IBAN National curreny Member of EU EWR EFTA EU crossborder payment Possibe product Standard international payment Albania AL ALL Andorra AD 24 EUR Austria AT 20 EUR Belarus BY RUR Belgium BE 16 EUR Bosnia and Herzegovina BA 20 BAM Bulgaria BG 22 BGN Croatia HR 21 HRK Cyprus CY 28 EUR Czech Republic CZ 24 CZK Denmark DK 18 DKK Estonia EE 20 EUR Finland FI 18 EUR France FR 27 EUR (incl. French Guiana [GF], Guadeloupe [GP], Martinique [MQ], Reunion [RE]) Germany DE 22 EUR Gibraltar GI 23 GIP Greece GR 27 EUR Hungary HU 28 HUF Iceland IS 26 ISK Ireland IE 22 EUR Italy IT 27 EUR Latvia LV 21 LVL Liechtenstein LI CHF Lithuania LT 21 LTL Luxembourg LU 20 EUR Macedonia MK MKD Malta MT 31 EUR Moldova MD MDL Monaco MC 27 EUR Montenegro ME EUR The Netherlands NL 18 EUR Norway NO 15 NOK Poland PL 28 PLN Portugal PT 25 EUR Romania RO 24 ROL Russia RU RUR San Marino SM 27 EUR Serbia RS 22 RSD Slovakia SK 24 EUR Slovenia SI 19 EUR Spain ES 24 EUR (incl. Canary Islands, Ceuta and Melilla) Sweden SE 24 SEK Switzerland CH 21 CHF Turkey TR 26 TRY UK GB 22 GBP Ukraine UA UAH Vatican City VA EUR Note: The following non-european countries have issued an IBAN: Tunisia (24-digit IBAN) and Morocco (but no EU cross-border payments are possible). Countries with the euro as their local currency are highlighted. 1) Payments made within the UniCredit banking network are processed very swiftly. Flash- Payment 1)

8 SEPA for self-employed persons, Page 8 of 8 Contact. More information is available at the 24h ServiceLine , while the ebusiness consultants in your region can advise you on our ElectronicB@nking products: Contact Region Telephone address Franz Glück Vienna, international clients franz.glueck@unicreditgroup.at Ernst Habusta Lower Austria, Upper Austria, ernst.habusta@unicreditgroup.at Burgenland Robert Pelzer Vienna robert.pelzer@unicreditgroup.at Robert Pfanzelter Vorarlberg, Tyrol, Salzburg robert.pfanzelter@unicreditgroup.at Erich Ronacher Vorarlberg, Tyrol, Salzburg erich.ronacher@unicreditgroup.at Werner Scheer Styria, Carinthia werner.scheer@unicreditgroup.at Branches Roughly 300 locations throughout Austria Telephone 24h ServiceLine: Internet info@unicreditgroup.at This marketing information was produced by UniCredit Bank Austria AG, Schottengasse 6 8, A-1010 Vienna. Subject to errors and printing errors. As of November /ST