Due to effective trouble-shooting, the limited number of teething problems that materialised upon the -wide introduction of a new payment scheme were speedily resolved. The document "Clarifications on Implementation Issues," allows Participants to verify their procedures regarding the rules on exception handling (refunds, returns and rejects) and the correct use of BICs under the Credit Transfer Scheme. The goal in publishing this document is that each and every Participant should ensure that it complies fully with the Rulebook including the clarifications specified. Any participating bank that has not yet carried out this simple check of its own procedures against the "Clarifications on SCT Implementation Issues" is urged to do so now. Please see also the latest EPC Open Letter to Scheme Participants.
Clarification on Rules
It is also worth reminding all Participants of the following provisions in the Rulebook:
- Section 2.2 of the Rulebook states: "A Credit Transfer is a payment instrument for the execution of credit transfers in euro between customer payments accounts located in . The Credit Transfer is executed on behalf of an Originator holding a payment account with an Originator Bank in favor of a Beneficiary holding a payment account at a Beneficiary Bank." It has recently been brought to the attention of the that there are cases where the above is not being respected, and so called "one-leg-out" transactions are being made in , where either the Originator or Beneficiary is located outside of . An Open Letter to all Participants is being issued, calling for Participants to ensure that they do not make such payments as payments.
- Section 5.8, bullet point 9 of the Rulebook states: "In respect of each of its Beneficiaries, a Beneficiary Bank shall credit the account of the Beneficiary with the full amount of the payment in accordance with the time cycle defined in Chapter 4, or for a lesser amount subject to any agreement with the Beneficiary under which the Beneficiary Bank may deduct its own fees from the amount transferred before crediting the Beneficiary's account." In various instances, payers/bank customers stated that the original amount sent was not delivered in full to the Beneficiary account, but that the Beneficiary Bank deducted fees from the amount. It is entirely possible under the Rulebook for such deductions to be made, subject, however, to prior agreement between Beneficiary and Beneficiary Bank.
Credit Transfer Rulebook version 3.2 to take effect on 2 February 2009
Version 3.2 of the Credit Transfer Scheme Rulebook will take effect on 2 February 2009. The reiterates that only one version of the Rulebook is in effect at any given point in time. The cutover on 2 February 2009 of the Credit Transfer Scheme Rulebook version 2.3 to version 3.2 is clarified as follows:
- For all interbank settlements with effect of 2 February 2009, Credit Transfer transactions must be compliant with the Credit Transfer Scheme Rulebook version 3.2.
- Clearing and Settlement Mechanisms (CSMs) working with a lead time (e.g. "D-1") must also be compliant with the Credit Transfer Scheme Rulebook version 3.2 for 2 February 2009 settlement (i.e. from 29 January 2009 if a CSM works on a "D-1" basis).
- All returns submitted to CSMs for settlement with effect of 2 February 2009 must be compliant with the Credit Transfer Scheme Rulebook version 3.2.
The goal is to ensure that the banking industry works with a single Rulebook version throughout .
Adherence Guide to the Direct Debit Schemes is being developed
The introduction of the Direct Debit Schemes () requires a uniform -wide legal framework as defined in the Payment Services Directive (PSD). The general -wide launch date for the Direct Debit Schemes has been set in principle by the for November 2009. This launch date coincides with the deadline for all member states to have adopted the PSD into national law. The is currently developing the guide for adherence to the Direct Debit Schemes which is planned to be published in the spring of 2009.
As part of the adherence preparations, is looking to build on the current Register of Participants to cater for . Each Participant should recall that it is singly responsible for the accuracy of the information published by in the Register of Participants for that Participant. We hereby ask you to check that the Register of Participants accurately reflects today the Name and Reference BIC of your bank, and to send by e-mail to the Secretariat any necessary update to amend any outdated information.
Scheme Participants: Explore this newsletter!
Last but not least, we would like to draw your attention to all other articles in this newsletter providing additional information of interest to Scheme Participants.
Andrew Bolton is a staff member at the Secretariat.
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