Processing of retail payments: Services of Deutsche Bundesbank. Department Payments and Settlement System

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1 : Services of Deutsche Bundesbank Department Payments and System

2 Page 2 Processing of retail payments: Services offered by the Deutsche Bundesbank The Deutsche Bundesbank offers its bank and nonbank customers a high performance and cost-effective procedure for the processing of non-urgent domestic and cross-border euro payments. SEPA payments (SEPA credit transfers, SEPA core direct debits and SEPA business-to-business (B2B) direct debits) initiated by credit institutions are processed in the SEPA- Clearer (SCL) of the Retail Payment System (RPS). All domestic, non-sepa-compliant payments in DTA format (exchange of data media) initiated by credit institutions are processed directly in the RPS. The Bundesbank procedures for retail payments are used particularly by medium-sized and small-scale credit institutions which do not belong to a giro network for the purpose of processing credit transfers and for the collection of cheque and direct debit payments. Public authorities can also process SEPA payments via the Bundesbank, to which end they require access to the customer access mechanism (CAM SEPA). Public authority payments made in the DTA format can be submitted to the RPS directly. The Bundesbank is valued as a reliable and neutral partner by both the banking industry and the public sector for the processing of retail payments. Europe-wide accessibility via the SEPA-Clearer The Bundesbank s SEPA-Clearer provides a competitively neutral, high-performance, cost-effective payment procedure for the processing of SEPA payments. All credit institutions participating in the SEPA schemes provided by the EPC can take advantage of the procedure in question. One condition for participation is that the credit institutions have signed the relevant Adherence Agreements, and have thus accepted the terms and conditions of the SEPA rule-books for credit transfers and direct debits and that they have converted their systems to enable the processing of SEPA payments. Payments for credit institutions which are neither direct nor indirect participants in the SEPA-Clearer are forwarded by the Bundesbank via other clearing infrastructures. To this end, the Bundesbank is connected to the EBA Clearing STEP2 SCT and SDD services. In addition, the Bundesbank has direct bilateral links to other European clearing houses including Clear-ing Service International of the Österreichische Nationalbank (OeNB), the Spanish clearing house Iberpay, the Dutch clearing house Equens S.E. and the Bulgarian payment system operator Borica- Bankservice. This ensures that the Bundesbank is able to provide its participants with secure, Europe-wide access in order to process their SEPA payments.

3 Page 3 Europe-wide accessibility via the SEPA-Clearer Euro Area 333 mn. inhabitants 347 mn. Overnight deposits 177 mn. payments per day payment service providers EU mn. inhabitants 517 mn. Overnight deposits 258 mn. Payments per day payment service providers EPC* Plan for SEPA EU-27 + EEA countries + Switzerland + Monaco 518 mn. inhabitants * European Payment Council ECB Statistical Data Warehouse 23 August 2013 (statistics of 2012) Payment processing in the SEPA-Clearer Payment processing in the SEPA-Clearer is effected in line with the TARGET2 calendar. German national, regional and local public holidays which are not TARGET2 holidays are not taken into account. Submitted payments are executed in accordance with the cut-off times applying to the respective submission window. A single processing day consists of several cycles for processing SEPA credit transfers and SEPA direct debits. The values of successfully processed payments are settled on accounts in the TARGET2 payments module. If desired, a participant can also use a settlement agent. The SEPA credit transfers and SEPA direct debits are settled in accordance with the gross coverage principle on the basis of the submitted and delivered logical files. At the end of every banking business day (around 22.00), every participant receives a separate daily reconciliation report for each of the SEPA-Clearer services used (SEPA credit transfers, SEPA core direct debits, SEPA B2B direct debits). These reports give a summary of the files for credit transfers and direct debits which have been submitted. When delivering SEPA payments, account is taken of any routing order which may have been set up based on the Bank Identifier Code (BIC). In this context, separate routings may be set up for SEPA credit transfers and SEPA direct debits. Both inbound and outbound communication occurs exclusively by means of data telecommunication via SWIFTNet FileAct or EBICS (Electronic Banking Internet Communication Standard).

4 Page 4 Communication infrastructure for the processing of SEPA-transactions via SEPA-Clearer Credit institution SWIFTNet FileAct Credit institution EBICS Processing of SEPA credit transfers via the SEPA- Clearer 1 The values of processed SEPA credit transfers are delivered and settled directly after processing via the respective transmission window. The values of SEPA credit transfers submitted after on the previous day and by on the current banking business day, are delivered and settled from onwards using the date of the current banking business day. SEPA credit transfers submitted between and are delivered and settled as of around while those submitted between and are deliv-ered and settled as of around using the date of the current banking business day. SEPA credit transfers submitted between and of the current banking business day are delivered and settled as of around SEPA credit transfers submitted between and are delivered on that same day from around onwards. These transactions are settled with the value date of the next banking business day. Processing of SEPA credit transfers via the SEPA-Clearer ISD T+1 / T Window 1 ISD T Window 2 ISD T Fenster 3 ISD T Window 4 ISD T + 1 Window ISD = Interbank Date

5 Page 5 Processing of SEPA direct debits via the SEPA-Clearer Only R-Transactions after Only R-Transactions after Original-Transactions and R-Transactions before and after Processing of SEPA direct debits via the SEPA-Clearer 1 With regard to the processing of SEPA direct debits, it should be noted that, owing to the design of the SEPA direct debit scheme, the delivery and settlement of payment messages is usually handled at different times. SEPA direct debits submitted between and on the current banking business day are delivered on the current banking business day from around onwards. SEPA direct debits submitted after on the preceding business day and by on the current business day are delivered on the current banking business day from around onwards. The values of SEPA direct debits that have already been delivered are settled at around on the business day which precedes the banking business day specified in the data record in the payment message (Interbank Date, ISD). DTA clearing in the Retail Payment System (RPS) Until euro payments have been converted to the SEPA payment format, the Deutsche Bundesbank will continue to offer its customers a clearing and settlement service for payments in DTA format in the RPS. All Bundesbank account holders are eligible to participate in the file-oriented RPS procedure. The gross settlement procedure used means that the payee is not exposed to any credit risk. The settlement of payments is float-free. Each working day around 11.3 million transactions are processed (amounting to almost 9.2 billion), of which approximately 35 % are credit transfers and roughly 65 % are collection orders for direct debits and converted cheques. 1 The processing and cut-off times refer to the processing of SEPA payments from credit institutions. In the case of non-banks, the processing and cut-off times of the Customer Access Mechanism (CAM-SEPA) apply.

6 Page 6 Abwicklung von Zahlungen im EMZ 1st Processing Day 2nd Processing Day 19:00 20:00 21:00 05:00 06:00 07:00 08:00 09:00 10:00 13:00 Evening Processing Credit transfers + Collection + Morning Processing + Credit transfers + Collection items + Image based Check Collection Clearing Datas Payment processing in the RPS Both inbound and outbound communication by credit institutions with the RPS occurs exclusively by means of data telecommunication via SWIFTNet FileAct or EBICS (Electronic Banking Internet Communication Standard). Payments are processed in several processing windows. Payments submitted between and are processed during the evening processing window, subsequent to which their values are settled using the value date of the next business day and the file is delivered to the respective recipient. The values of all submitted and delivered payments processed in the RPS are settled on a file basis (gross settlement) using the accounts in the TARGET2 payments module (credit institutions) or accounts held with the Bundesbank (public authorities). The RPS also allows to specify a settlement agent. Cut-off Times The morning processing window is used to process any payments submitted between and of the following day. These payment transactions are settled and delivered from onwards. This gives participants the opportunity to immediately forward payments which arrive very late (for example, card payments) so as to enable sameday processing, settlement and delivery. Evening Processing Credit Transfers Collection items Morning Processing Credit Transfers Collection items Clearing data recors for payments from the Image based Check collection procedure 20:00 09:00 10:00

7 Page 7 Fees The Bundesbank charges a fee of per data record for payments that are submitted by credit institutions via data telecommunication to the SEPA-Clearer. This fee also applies if payments from the Bundesbank clearing procedure are forwarded via other clearing infrastructures. For payments that are submitted by credit institutions via data telecommunication to the RPS the Bundesbank currently also charges a fee of per data record. From 3rd February 2014 (20.00) on different fees for SCT and SDD apply: The prices stated in the current Bundesbank price schedule apply for those public authorities which are not exempted from charges. The participation and registration fees for indirect participation in the EBA Clearing STEP2 services via the direct participant Deutsche Bundesbank are passed on to the participants. for collection items the fee of per submitted data record remains constant for Credit transfers the fee will be increased to 0,80 per submitted data record Informations For more information, visit C Payment systems Tel: +49 (0) crm.zahlungsverkehr@bundesbank.de