Division 2
Payment Service Contract
[RT I 2010, 2, 3 – entry into force 22.01.2010]
Subdivision 1
General Provisions
- 709. Payment service contract and related definitions
(1) Payment service contract means a contract under which, in accordance with law, a mandatary having the right to provide a payment service (hereinafter payment service provider) undertakes to make payment transactions specified in the Payment Institutions and E-money Institutions Act by order of the mandator (hereinafter payer) and the client of the payment service provider undertakes to pay a fee therefor.
(2) A payment service contract may also be entered into for the execution of a single payment order (hereinafter single payment service contract).
(3) A payment service contract may also include the obligation to open and the conditions for holding a payment account. A payment service contract corresponding to the above characteristics is also referred to as a settlement contract.
(4) Payment account means an account held in the name of the payment service client for the execution of payment transactions.
(5) Payer within the meaning of this Division is a person for whom a payment account has been opened and who gives a payment order for the debiting of the payment account or, if there is no payment account, a person who gives a payment order. Payee within the meaning of this Division is a person who is a beneficiary in conformity with the payment order.
(6) Payment transaction means any payment into account or disbursement of cash or transfer of money, regardless of the underlying legal relationship between the payer and the payee.
(7) Payment order means any order for the making of a payment transaction which is given by the payer to the payment service provider. A payment order may also be given through the payee.
(8) Means of payment, payment instrument or method of payment (hereinafter all jointly means of payment) within the meaning of this Act denote any personalised device or set of procedures agreed on between the payment service provider and its client, which are used by the client of the payment service provider for the initiation of a payment order.
(9) A payment service provider may use the help of a payment intermediary upon execution of a payment order. Payment intermediary means a person who participates in making a payment upon agreement with the payment service provider of the payer or the payment service provider of the payee and who is neither the payer nor the payee.
(10) Business day means a day on which the payment service provider of the payer or the payment service provider of the payee involved in the execution of a payment transaction, including the payment intermediary, is open for business as required for the making of a payment transaction.
(11) Value date means a day when a payment service provider debits the account of the payer or credits the account of the payee and which is the basis for the calculation of interest on the amount of money in the account.
(12) Unique identifier means a combination of letters, numbers or symbols specified to the client by the payment service provider, which may be the name or account number of the payee, and which is provided by a client to identify unambiguously the client of the other payment service provider or the account thereof used in the payment transaction.
(13) [Repealed – RT I 2010, 77, 590 – entry into force 01.07.2011]
(14) Reference exchange rate means an exchange rate which is used as the basis to calculate any currency exchange rate and which is made available by the payment service provider or comes from a publicly available source.
(15) Reference interest rate means an interest rate which is used as the basis for calculating any interest rate to be applied and which comes from a publicly available source.
(16) Any settlements at and with Eesti Pank are performed on the basis of the Eesti Pank Act and legislation arising therefrom.
(17) Eesti Pank may establish more detailed requirements on maintenance of payment accounts and settlement of payments by credit institutions and other financial institutions.
(18) This Division also applies to payment transactions executed by means of e-money and contracts related thereto unless otherwise provided in this Division.
[RT I, 08.07.2011, 6 – entry into force 18.07.2011]
(19) This Division does not apply to payment transactions executed through the payment system specified in subsection 87 (2) of the Credit Institutions Act and through the securities settlement system or the linked system specified in subsections 213 (1) and 2131 (1) of the Securities Market Act.
[RT I, 29.06.2011, 1 – entry into force 30.06.2011]
(20) The provisions of this Division do not apply to money transfers where the originator or recipient is a credit institution.
[RT I 2010, 2, 3 – entry into force 22.01.2010]
- 710. Obligation to enter into payment service contract and ensure access to payment systems
(1) If a person and the terms of the contract sought by the person correspond to the provisions of law and the general terms of services or the standard terms of provision of payment service established by the payment service provider, the payment service provider is obliged, at the request of the person, to enter into a payment service contract with the person, under which the payment service provider undertakes to provide one or several services specified in subsection 3 (1) of the Payment Institutions and E-money Institutions Act to the person in the procedure and to the extent established in the above general terms or standard terms.
(2) A payment system operator shall provide payment service providers with the right of access to its system by establishing for this purpose the terms for connecting to the payment system (hereinafter system rules), which must be objective towards the connectees, proportionate and ensure equal treatment. Access to the payment system may be restricted by the system rules only proceeding from specific risks, in particular in order to prevent settlement risk, operational risk and business risk and to ensure financial and operational stability of the payment system.
(3) The following may not be imposed by payment system rules on payment service providers, clients of payment service providers or other payment systems:
1) restrictions on participation in other payment systems;
2) conditions which discriminate between payment service providers in relation to their rights and obligations as participants in the payment system;
3) restrictions based on the institutional form of participants in the payment system.
(4) Subsections (2) and (3) of this section do not apply:
1) to the payment system specified in subsection 87 (2) of the Credit Institutions Act and the securities settlement system or the linked system specified in subsections 213 (1) and 2131 (1) of the Securities Market Act;
[RT I, 29.06.2011, 1 – entry into force 30.06.2011]
2) to payment systems corresponding to the characteristics defined in Article 2 (a) of Directive 98/26/EC of the European Parliament and of the Council on settlement finality in payment and securities settlement systems (OJ L 166, 11.06.1998, pp. 45-50);
3) to payment systems composed exclusively of payment service providers belonging to a consolidation group composed of entities linked by capital where one of the linked entities enjoys effective control over the other linked entities;
4) to payment systems, where a sole payment service provider acts or can act as the payment service provider for both the payer and the payee and is exclusively responsible for the management of the system, and allows other payment service providers to participate in the system and the latter have no right to decide on fees associated with the payment system although they may establish their own pricing in relation to payers and payees.
[RT I 2010, 2, 3 – entry into force 22.01.2010]
- 711. Information concerning payment service contract
(1) A payment service provider shall provide each client with the following information and conditions concerning the terms of the payment service contract:
1) the name of the payment service provider, the address of its place of business and other relevant address significant in the relations between the client and the payment service provider and, where necessary, the address of its agent or branch if it is situated in Estonia;
2) the name and contact details of the supervisory authority of the payment service provider and a reference to the list specified in § 105 of the Payment Institutions and E-money Institutions Act, where the payment service provider is entered;
3) a description of the payment services provided by the payment service provider;
4) information or unique identifier to be provided by the client of the payment service provider in order for a payment order to be properly executed;
5) the form of and procedure for giving consent or approval to execute a payment transaction and for withdrawal of the payment order in accordance with §§ 7241 and 726 of this Act;
6) the time of receipt of the payment order in accordance with § 7242 of this Act;
7) the maximum term for execution of the payment order;
8) information concerning a possibility to agree on spending limits on transactions made through the payment instrument in accordance with subsection 73311 (2) of this Act;
9) fees payable by the client of the payment service provider and, where applicable, information concerning the bases for formation of fees or their breakdown;
10) where applicable, the interest rates and exchange rates to be applied or, if reference interest rate or exchange rate is to be used, the method of calculating the actual interest, the date and index or the base for determining the reference interest rate or exchange rate;
11) the manner in and frequency with which information under this Act is provided, and where applicable, the means of distance communication to be used on agreement of the parties, including technical requirements for the means of distance communication of the client of the payment service provider;
12) information concerning the language or languages, in which communication between the parties is undertaken;
13) information concerning the right, frequency and manner of receiving information specified in this subsection and in § 727 of this Act;
14) where applicable, a description of fulfilment of safekeeping requirements of the payment instrument and the manner of notification of the payment service provider in order to fill the requirement under clause § 73310 2) of this Act;
15) the conditions on blocking a payment instrument in accordance with subsections 73311 (3) and (4) of this Act;
16) information concerning the liability of the client in accordance with § 7338 of this Act, which must also include information concerning the amount of the liability limit;
17) information concerning the notification obligation and the term for its performance in connection with unauthorised payment transactions or incorrectly executed payments in accordance with § 7337 of this Act;
18) information concerning the liability of the payment service provider in connection with unexecuted or incorrectly executed payments in accordance with § 7333 of this Act;
19) the conditions for refund of the transferred amount in the case of payments initiated by or through a payee in accordance with § 7336 of this Act;
20) information concerning the procedure for amendment of the conditions of the payment service contract provided for in § 7191 of this Act;
21) duration of the payment service contract;
22) information concerning the right of the client of the payment service provider to terminate the contract in accordance with § 720 of this Act;
23) the conditions concerning the law applicable to the payment service contract and the procedure for settlement of disputes;
24) information concerning the possibility for out-of-court settlement of disputes.
(2) The information specified in subsection (1) of this section shall be provided to the client of the payment service provider on paper or on another durable medium. The information shall be provided in a clear and unambiguous manner and in Estonian or in another language agreed on by the parties.
(3) The information shall be considered provided also by the transmission of the draft payment service contract if it includes the information provided for in subsection (1) of this Act.
(4) A payment service provider is obliged, at any time during the period of validity of the payment service contract at the request of the client of the payment service provider, to provide information concerning the conditions of the payment service contract and other information specified in subsection (1) of this section free of charge.
(5) The information specified in subsection (1) of this section shall be provided to the client of the payment service provider free of charge in good time before entry into the contract. The payment service provider shall perform the obligation specified in the first sentence of this subsection promptly after entry into the contract if the contract is entered into on the initiative of the client and using such means of distance communication which does not allow the provision of information in accordance with the first sentence of this subsection.
[RT I 2010, 2, 3 – entry into force 22.01.2010]
(6) The provisions on the obligation to provide precontractual information specified in subsection 14 (2) and § 141 of this Act shall not apply to preparations for entry into a payment service contract.
[RT I, 31.12.2013, 1 – entry into force 13.06.2014]
- 7111. Information concerning single payment service contract
(1) A payment service provider shall make at least the following information about single payment service contract available to each client:
1) information or unique identifier to be provided by the client of the payment service provider in order for a payment order to be properly executed;
2) the maximum term for execution of the payment order;
3) fees payable by the client of the payment service provider and, where applicable, information concerning the bases for formation of fees or their breakdown;
4) where applicable, the exchange rate or reference exchange rate used.
(2) A payment service provider is obliged to make the information provided for in subsection 711 (1) of this Act and not specified in subsection (1) of this section available in connection with a single payment service contract only if such information is relevant.
(3) The information specified in this section shall be provided at the request of the client of the payment service provider to the client on paper or on another durable medium before entry into the contract free of charge. The information shall be provided in a clear and unambiguous manner and in Estonian or in another language agreed on by the parties. The provisions of subsection 711 (3) and the second sentence of subsection 711 (5) of this Act apply to the provision of information specified in this section.
(4) Where, on the basis of a single payment service contract, a payment order is given by means of a payment instrument issued on the basis of the payment service contract, the payment service provider has no obligation to provide or make available any information that has already been provided to its client on the basis of the payment service contract entered into with another payment service provider or that will be provided to the client in the future in accordance with this payment service contract.
[RT I 2010, 2, 3 – entry into force 22.01.2010]
(5) The provisions on the obligation to provide precontractual information specified in subsection 14 (2) and § 141 of this Act shall not apply to preparations for entry into a single payment service contract.
[RT I, 31.12.2013, 1 – entry into force 13.06.2014]
- 7112. Charging of fee upon provision of information
(1) A payment service provider may charge a fee for providing or making available information upon agreement of the parties only if the information is requested by the client of the payment service provider and the payment service provider:
1) provides it, based on an agreement, more frequently than is provided for in sections 7111, 727 and 7271 of this Act;
2) provides information, which is not provided for in sections 711, 7111, 727 and 7271 of this Act; or
3) provides information in a manner not agreed on in the payment service contract.
(2) A fee for the information provided for in subsection (1) of this section shall be appropriate and in line with the actual costs of the payment service provider.
[RT I 2010, 2, 3 – entry into force 22.01.2010]
- 712. [Repealed – RT I 2010, 2, 3 – entry into force 22.01.2010]
- 7121. Obligations of payment service provider or other account manager provided by law upon provision of financial collateral
(1) Upon encumbrance of money in an account, a deposit or another similar financial claim (hereinafter in this section cash instruments) with financial collateral specified in § 3141 of the Law of Property Act, a payment service provider, or other account manager provided by law, is required to maintain records on cash instruments in the account such that the cash instruments subject to financial collateral are separated from other cash instruments held in the account of the pledgor.
(2) A payment service provider, or other account manager provided by law, is required:
1) as of the date of entry into force of the irrevocable right to dispose of the cash instruments encumbered with financial collateral granted to the pledgee and communicated to the payment service provider, or other account manager provided by law, by the pledgor, to fulfil only the orders of the pledgee to debit the corresponding account with an amount not exceeding the cash instruments encumbered with financial collateral;
2) until the date specified in clause 1) of this subsection, to fulfil the joint orders of the pledgor and pledgee to debit the corresponding account with an amount not exceeding the cash instruments encumbered with financial collateral.
[RT I 2010, 2, 3 – entry into force 22.01.2010]
- 713. Making of entry in account
(1) The crediting of an account is the making of an entry in the account which increases the obligations of the payment service provider to the client or reduces the obligations of the client to the payment service provider. The account of the client of the payment service provider shall be deemed to be credited if the payment service provider has made a credit entry in the client’s account.
(2) The debiting of an account is the making of an entry in the account which reduces the obligations of the payment service provider to the client or increases the obligations of the client to the payment service provider. The account of the client of the payment service provider shall be deemed to be debited if the payment service provider has made a debit entry in the client’s account.
(3) A payment service provider may debit the client’s account:
1) on the instruction of the client;
2) at the request of a third party under the conditions prescribed by the payment service contract;
3) in other cases provided by law.
(4) A payment service provider may debit the client’s account by way of set-off only to set off claims arising from the payment service contract, including to set off the claim for the fee payable to the payment service provider for settlements.
(5) The provisions of subsection (4) of this section do not apply to payment systems provided for in subsection 710 (2) of this Act.
[RT I 2010, 2, 3 – entry into force 22.01.2010]
- 714. Keeping of records by and notification obligation of payment service provider
(1) A payment service provider shall keep records of the crediting and debiting of the client’s account.
(2) The client of the payment service provider may, at any time, demand information at the client’s expense concerning the balance of the account and details of the crediting or debiting of the account.
(3) A payment service provider shall submit a statement of account to the client at agreed intervals. The payment service provider shall not demand payment from the client for the statement of account specified in this subsection or the forwarding thereof. Unless otherwise agreed, a statement of account concerning a calendar year shall be forwarded by 15 January of the following year at the latest.
(4) On discovering an erroneous entry made in the account, the client shall promptly notify the payment service provider thereof.
[RT I 2010, 2, 3 – entry into force 22.01.2010]
- 715. – § 716. [Repealed – RT I 2010, 2, 3 – entry into force 22.01.2010]
- 717. Obligation to pay interest
(1) A payment service provider shall pay interest to the client for the funds deposited in the account of the client of the payment service provider. Interest shall be calculated on an annual basis and interest shall be transferred to the client’s account at least once a year.
(2) If the interest rate specified in subsection (1) of this section is not prescribed by the contract, the interest rate shall be that which credit institutions normally pay for demand deposits (call deposits).
[RT I 2010, 2, 3 – entry into force 22.01.2010]
- 718. Account maintenance and commission fees
(1) Upon agreement of the parties, account maintenance and commission fees may be demanded from the client. The fee shall be appropriate and in line with the actual costs of the payment service provider.
(2) The provisions of subsection (1) of this section do not apply to securities accounts.
[RT I 2010, 2, 3 – entry into force 22.01.2010]
- 719. Duty to maintain confidentiality
(1) A payment service provider and the payment intermediary shall, both during the term of the payment service contract and upon expiry thereof, maintain the confidentiality of all information of which they become aware on the basis of their relationship with the client, including information concerning the client and the account and payment transactions thereof, unless the right or obligation to disclose information arises from legislation.
(2) A payment service provider shall be released from the obligation to maintain confidentiality to the extent that the client has granted consent to the disclosure of information in writing or in a format which can be reproduced in writing.
[RT I 2010, 2, 3 – entry into force 22.01.2010]
- 7191. Amendment of payment service contract
(1) A payment service provider may amend the payment service contract only if the payment service provider notifies the client thereof in the manner provided for in subsection 711 (2) of this Act no later than two months before entry into force of the amendment.
(2) A payment service provider and the client may agree that the client consents to amendment of the contract unless the client of the payment service provider notifies the payment service provider of not accepting the amendment before entry into force of the amendment. In such event the payment service provider shall notify the client of the consequences of tacit consent and of the right to cancel the contract in accordance with subsection (3) of this section.
(3) If there is an agreement provided for in subsection (2) of this section between the client of the payment service provider and the payment service provider, the client has the right to cancel the payment service contract promptly and free of charge before entry into force of the amendment.
(4) Upon agreement of the parties, a payment service provider has the right to change the interest rates and exchange rates specified in the payment service contract without prior notice provided that the changes are based on a reference interest rate or reference exchange rate agreed on between the parties.
(5) A payment service provider shall notify the client of any change in the interest rate in the manner provided for in subsection 711 (2) of this Act at the earliest opportunity unless otherwise agreed by the parties. There is no obligation to notify the client of changes in the interest rates or exchange rates which are more favourable to the client of the payment service provider.
(6) Changes in the interest rate or exchange rate used shall be implemented and calculated in a manner that enables to treat clients of the payment service provider equally under equal conditions.
[RT I 2010, 2, 3 – entry into force 22.01.2010]
- 720. Ordinary cancellation of payment service contract
(1) Unless the parties have agreed on the term for advance notice of cancellation, the client of the payment service provider may cancel the payment service contract at any time. Any agreement of the parties whereby a longer term than one month is determined as the term for notice of cancellation is void.
(2) A payment service provider may cancel the payment service contract in the case the contract is entered into for an unspecified term and the parties have agreed on the right to cancel the contract. The term for advance notice of cancellation may not be shorter than two months. An application for cancellation shall be made in the manner provided for in subsection 711 (2) of this Act.
(3) In the event of expiry of the payment service contract, the regular fees under the contract are payable only until the expiry of the contract. Upon expiry of the contract, advance payments made by the client of the payment service provider shall be refunded proportionately, considering thereby the actual costs incurred by the payment service provider for the provision of the service by the moment of expiry of the contract.
(4) The client shall not be charged any fee for cancellation of a payment service contract entered into for a term longer than twelve months or for an unspecified term in the event that the client cancels the contract after 12 months have passed from entry into the contract. In other cases the fees charged shall be appropriate and in line with the costs of termination of the contract.
(5) Upon expiry of a payment service contract, the payment service provider shall pay the funds in the account to the client or a third party designated by the client, or transfer the funds to an account with the same or another payment service provider as specified by the client unless otherwise prescribed by law.
(6) If a payment made to the client is received by the payment service provider within one month as of the expiry of the payment service contract, the payment service provider shall accept the payment, notify the client thereof and pay the amount pursuant to the provisions of subsection (5) of this section.
[RT I 2010, 2, 3 – entry into force 22.01.2010]
- 721. [Repealed – RT I 2010, 2, 3 – entry into force 22.01.2010]
Subdivision 2
Performance of Payment Service Contract
[RT I 2010, 2, 3 – entry into force 22.01.2010]
- 722. – § 724. [Repealed – RT I 2010, 2, 3 – entry into force 22.01.2010]
- 7241. Authorisation of payment
(1) A payment transaction is binding to the payer if the payer has given consent to its execution (hereinafter authorisation). Consent may be given before execution of the transaction or upon agreement of the parties also by means of retroactive approval.
(2) The manner and procedure of authorisation for the execution of one or several payment transactions shall be determined upon agreement of the parties. If consent is given to execution of a payment transaction in a manner not agreed on, the execution of the payment transaction is not deemed to be authorised.
(3) A payer may give consent to execution of a payment transaction using a payment instrument agreed on between the payer and the payment service provider.
[RT I 2010, 2, 3 – entry into force 22.01.2010]
- 7242. Receipt of payment order
(1) A payment order is binding to a payment service provider from the moment the payment service provider receives it.
(2) If a payment service provider receives a payment order on a day which is not a business day of the payment service provider, the payment order is deemed received on the business day following such day.
(3) A payment service provider may determine that a payment order which is received before the end of a business day, but after a determined time, is deemed received on the following business day. The determined time shall not significantly differ from the time of end of the business day.
(4) If a client of the payment service provider who initiates a payment order or by whom or through whom a payment order is initiated and the payment service provider agree on the exact time for execution of the payment order, the payment order is deemed received at the agreed time for the purposes of the provisions of § 728 of this Act. If the agreed time falls on a day which is not a business day of the payment service provider, the payment order is deemed received on the business day following such day.
[RT I 2010, 2, 3 – entry into force 22.01.2010]
- 7243. Refusal to execute payment order
(1) If a payment service provider refuses to execute a payment order, it shall notify the client who has initiated the payment order thereof and, if possible, of reasons therefor and of possibilities for correcting the payment order. A payment service provider is not required to provide the reasons for refusal if the payment service provider would thereby violate an obligation imposed on it by other legislation.
(2) The notice specified in subsection (1) of this section shall be provided or made available in the manner agreed on by the parties promptly or no later than within the time limits established in § 728 of this Act.
(3) A payment service contract may include a condition according to which a fee must be paid to the payment service provider for the notification specified in subsection (1) of this section if refusal to execute the payment order is justified.
(4) A payment service provider has no right to refuse to execute an authorised payment order if the payment order meets the conditions determined in the payment service contract and the execution of the payment order does not violate any obligation established by other legislation.
(5) A payment order which execution has been justifiably refused is considered as a not received payment order in accordance with the provisions of §§ 728 and 7333 of this Act.
[RT I 2010, 2, 3 – entry into force 22.01.2010]
- 725. Transferred amount and payable fees
(1) The payment service provider of the payer, the payment service provider of the payee and other intermediaries of payment shall ensure the transfer of the total amount indicated in the payment order (hereinafter payment amount). No fees shall be deducted from the transferred amount unless otherwise provided for in this section.
(2) The payment service provider of the payee may make deductions from the payment amount only upon agreement with the payee. In such case the payee shall be notified in the manner provided for in subsection 711 (2) of this Act of the total payment amount indicated in the payment order and the amounts deducted therefrom.
(3) If any fees other than those specified in subsection (2) of this section are deducted from the transferred amount, the payment service provider of the payer shall ensure that the payee receives the total amount indicated in the payment order of the payer. If a payment order is initiated by or through the payee, the payment service provider of the payee shall ensure that the payee receives the total amount indicated in the payment order.
(4) A payment order shall be executed in the currency determined in the agreement of the parties. If a currency conversion service is offered before the execution of the payment order at the respective point of sale or if such service is offered by the payee, the party offering such service shall notify the payer of the fees payable for the service and of the exchange rate used for the conversion, where appropriate.
(5) A payment service provider shall not charge any fees for the implementation of the obligations related to the provision of information provided for in this Subdivision and in Subdivisions 3 and 4 of this Division and of preventive or corrective measures related to the execution of payment orders, except in the cases provided for in subsections 7243 (1) to (3), 726 (4) and (5) and 7333 (5) of this Act. The fee charged in such cases shall be appropriate and in line with the actual costs of the payment service provider.
(6) Upon execution of a payment order, the payer shall pay the fees charged by its payment service provider and the payee shall pay the fees charged by its payment service provider. The above does not apply if the execution of a payment order involves a currency exchange service.
(7) A payment service contract between the payee and the payment service provider of the payee may prescribe the right to agree on a fee with the payer or to offer a discount to the payer for using a certain payment instrument.
(8) If a payee requires a fee from the payer or offers a discount for using a specific payment instrument, the payee shall notify the payer thereof before initiation of the payment order. If a payment service provider or a third person requires a fee from the payer for using a specific payment instrument, it shall notify the payer thereof before initiation of the payment order.
[RT I 2010, 2, 3 – entry into force 22.01.2010]
- 726. Withdrawal of payment order
(1) A client of the payment service provider cannot withdraw a payment order if the payment order has been received in accordance with § 7242 of this Act and unless otherwise provided for in this section. Consent given to execute several payment transactions may be withdrawn by consent of the parties, including such that each payment which follows the receipt of the withdrawal application by the payment service provider is considered as an authorised payment.
(2) A payer cannot withdraw a payment transaction initiated by or through the payee after its consent to the execution of the payment order or payment transaction has been transmitted to the payee. In the case of direct debit order, a payer may withdraw a payment order until the end of the business day preceding the debiting day, without prejudice to its rights provided for in § 7336 of this Act.
(3) If a payment service provider and a client of the payment service provider have agreed on the day of execution of a payment order in accordance with the provisions of subsection 7242 (4) of this Act, the client may withdraw the payment order until the end of the business day preceding the agreed day.
(4) After expiry of the time limits specified in subsections (1) to (3) of this section a payment order may be withdrawn only upon agreement of the parties and in the case provided for in subsection (2) of this section the consent of the payee is also required.
(5) A client may be charged a fee by the payment service provider in the case specified in subsection (4) of this section if it has been agreed on in the payment service contract.
(6) A participant in the payment system provided for in subsection 710 (2) of this Act may withdraw a payment order at the time determined in the legislation or the standard terms applicable to the payment system.
[RT I 2010, 2, 3 – entry into force 22.01.2010]
- 727. Information concerning execution of payment order under payment service contract
(1) Before execution of a payment order given under a payment service contract, the payment service provider shall, at the request of the payer, transmit information concerning the time limit for execution of the payment order, the payable fees and, where applicable, information concerning the bases for formation of fees or their breakdown.
(2) After the amount of a payment order is debited from the payer’s payment account or, where the payer does not use a payment account, after receipt of the payment order, the payment service provider of the payer shall promptly provide the payer in the manner provided for in subsection 711 (2) of this Act with the following information:
1) the number or another identifier of the payment order enabling the identification of the payment order and, where appropriate, information concerning the payee;
2) the amount transferred in the currency in which the payer’s account was debited or in the currency referred to in the payment order;
3) the amount of fees payable for execution of the payment order and, where applicable, information concerning the bases for formation of fees or their breakdown and information concerning the formation of payable interests;
4) where applicable, the exchange rate used by the payment service provider of the payer and the transferred amount after conversion of the currency;
5) the debit value date or the date of receipt of the payment order.
(3) After execution of a payment order given under the payment service contract, the payment service provider of the payee shall provide the payee in the manner provided for in subsection 711(2) of this Act with the following information:
1) the number or another identifier of the payment order enabling the identification of the payment order and, where appropriate, information concerning the payer;
2) the transferred amount in the currency in which it is made available to the payee;
3) the amount of fees payable by the payee for execution of the payment order and, where applicable, information concerning the bases for formation of fees and information concerning the formation of payable interests;
4) the exchange rate used by the payment service provider of the payee and the transferred amount before conversion of the currency, where applicable;
5) the credit value date.
(4) Upon agreement of the parties the information specified in subsections (2) and (3) of this section shall be provided or made available, if possible, at least once a month and in an agreed manner, which shall enable the client of the payment service provider to store the information and reproduce it in unchanged form.
[RT I 2010, 2, 3 – entry into force 22.01.2010]
- 7271. Information concerning execution of payment order under single payment service contract
(1) After receipt of a payment order given under the single payment service contract, the payment service provider of the payer shall immediately provide or make available to the payer in the manner provided for in subsection 711 (2) of this Act the following information:
1) the number or another identifier of the payment order enabling the identification of the payment transaction and, where appropriate, information concerning the payee;
2) the transferred amount of money in the currency indicated in the payment order;
3) the amount of fees payable by the payer and, where applicable, information concerning the bases for formation of fees or their breakdown;
4) where applicable, the exchange rate or reference exchange rate if it differs from the rate provided pursuant to clause 7111 (1) 4) of this Act, and the transferred amount after such currency conversion;
5) the date of receipt of the payment order.
(2) After execution of a payment order under the single payment service contract, the payment service provider of the payee shall provide or make available to the payee in the manner provided for in subsection 711 (2) of this Act the following information:
1) the number or another identifier of the payment order enabling the identification of the payment transaction and, where appropriate, also information concerning the payer and other information transmitted in the payment order;
2) the transferred amount in the currency in which it is made available to the payee;
3) the amount of fees payable by the payee for execution of the payment order and, where applicable, information concerning the bases for formation of fees or their breakdown;
4) where applicable, the exchange rate or reference exchange rate used by the payment service provider of the payee and the transferred amount after conversion of the currency;
5) the credit value date.
[RT I 2010, 2, 3 – entry into force 22.01.2010]
- 728. Term for executing payment order
(1) The payment service provider of the payer shall ensure that the payment amount would reach the account of the payment service provider of the payee no later than on the business day following the receipt of the payment order unless otherwise provided for in this Act.
(2) If a payment order is initiated on paper, the term specified in subsection (1) of this section may be extended by one more business day.
(3) If a payment is initiated by or through a payee, the payment service provider of the payee shall transmit the payment order to the payment service provider of the payer within the period of time agreed on between the payee and the payment service provider of the payee. In the case of a direct debit order, a payment order shall be transmitted within such period of time that enables the execution of the direct debit order at the agreed time.
(4) The payment service provider of the payee shall make the payment amount available to the payee promptly after receipt thereof in its account.
(5) If a payment account must be debited upon execution of a payment order, the debit value date shall not be earlier than the date on which the payment account is debited by the amount of the payment transaction.
(6) If a consumer places cash on an account opened with the payment service provider in the currency used in the account, the payment service provider shall ensure that the payment amount would be available to the payee promptly after receipt of the cash by the payment service provider. If the client of the payment service provider is not a consumer, the payment amount shall be made available to the payee no later than on the following business day after receipt of the cash by the payment service provider.
(7) The credit value date for the account of the payee may not be later than the business day on which the amount of the payment transaction is credited to the account of the payment service provider of the payee. The earliest debit value date for the account of the payer may not be earlier than the actual time of debiting of this account.
[RT I 2010, 2, 3 – entry into force 22.01.2010]
- 729. – § 733. [Repealed – RT I 2010, 2, 3 – entry into force 22.01.2010]