Amendment of General Business Terms and Conditions for Payment Services concerning PSD2

Budapest, 11 January 2018

Subject: Amendment of General Business Terms and Conditions for Payment Services of Commerzbank Zrt. for corporate clients and the lists of conditions in connection with MNB Decree 35/2017. (XII. 14.) of the Hungarian National Bank concerning PSD2 taking effect from 13 January 2018

In connection with the regulations of the PSD2 Commerzbank Zrt. is going to amend the General Business Terms and Conditions for Payment Services of Commerzbank Zrt. for corporate clients and the lists of conditions as of 13 January 2018. To give you an overview, we outlined the main points and changes in the following section.

The list of conditions of Commerzbank Zrt. for corporate customers will be modiifed as follows:

Point 15) / Cut-off Times

  • The cut-off time for international payments with or without conversion released via Electronic or Internet Banking will be modified from 3.30 pm to 4.00 pm.
  • The specific cut-off for international or foreign payments with conversion released via Electronic or Internet Banking in favour of accounts held with Commerzbank Zrt. (2 pm) will be abolished. Instead, the cut-off time for international payments with or without conversion released via Electronic or Internet Banking will apply.

The General Business Terms and Conditions for Payment Services of Commerzbank Zrt. for corporate clients will be modified around the below mentioned main topics:

  • Starting and closing dates: Specific starting and closing dates for banking days will be defined in addition to the cut-off times, among which dates incoming and outgoing transactions are automatically processed by the bank. The starting date will be at 7 am, whereas closing date is set at 6 pm for electronic transactions and 4 pm for paper based client orders.
  • Sharing of fees & charges: The principle of equally sharing fees and charges between payer and beneficiary (SHA) will be further extended to all EEA-currencies. Other cost sharing principles, OUR and BEN, are only allowed for payments outside the EEA.
  • Rejection of client orders: Client orders for transactions which cannot be processed by the bank due to insufficient funds will be rejected by the bank after 4 pm. if there are no legally contradicting points and if the client has an agreement about the deferement of payments with the bank.
  • Immidiate processing /Setting of FX rates: As of 13 January 2018 the bank will process every payment order for both, incoming and outgoing transactions immidiately upon receipt. Transactions with conversion will be processed with the current exchange rate set in the respective systems. In connection with that the procedure for the quotation of FX rates will be modified as well, FX rates will be quoted 3 times a day, at 8.30 am, 12.00 am and at 3 pm.