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5. Payments*

5.1. What is a credit transfer?

The credit transfer is executed on the grounds of a transfer order submitted by the originator where the bank debits his/her account and transfers the money to the beneficiary account.

5.2. What is A direct debit?

A transfer executed by the means of a direct debit can be performed at the condition that the payer has given in advance his/her consent for the execution of the transfer from his/her account at the request of the beneficiary. The payer gives his/her consent (mandate) to the bank where his/her account is kept and a copy of the consent (mandate) is given to the beneficiary of the transfer. In case the payer has indicated certain conditions in the direct debit mandate, the payer’s bank is responsible for keeping those conditions when it is processing the request for debiting the payer’s account.

5.3. What is a value date?

For the client ordering the transfer the value date is the date when the bank debits his/her account with the amount of the transfer or receives the necessary cash for the transfer including charges and commissions that are due.

For the client receiving the transfer the value date is the date when the bank of the beneficiary leaves the funds to his/her disposal.

5.4. What is settlement?

Settlement is the final transfer of funds to the current accounts of the participants in the payment process.

5.5. Which payments are processed by RINGS?

RINGS is a real time gross settlement system, organized and maintained by the BNB. Payments in national currency are processed by RINGS. Payments at the value of or exceeding 100 000 BGN, payments at unlimited amount initiated at bank’s client request to be processed by RINGS as well as payments on management transactions on special accounts for registering and servicing government securities trading.

5.6. Which transfers are processed by BISERA?

All payments between bank accounts with the exception of amounts exceeding 100 000 BGN are performed through BISERA, which operated by a joint-stock company of the banks and the BNB, called “Borica-Bankservice” AD. BISERA is an interbank electronic system for payments.

5.7. What is SEPA?

SEPA is an abbreviation of Single Euro Payment Area. SEPA aims at encouraging integration of the European market by facilitating cross border non-cash payments in euro between countries participating in SEPA by unifying payment means and conditions for payments between countries participating in SEPA. The aim is to make them cheap and secure similar to the existing local payments. Countries participating in SEPA are the EU member states together with Norway, Lichtenstein, Iceland and Switzerland. In SEPA banks’ clients should be able to perform transfers to the beneficiaries’ accounts on the territory of the Euro area by using one and the same bank account as well as the same payment instruments.

The SEPA project is initiated by the European Commission (EC) and the European Central Bank (ECB) as it is realized by the European Payments Council (EPC), which is an organization uniting representatives of banks, associations and other organizations participating in the payment process in Europe. The Association of Banks in Bulgaria which is the representative organization of the Bulgarian banking sector in Bulgaria also participates at the EPC.

Practically, the realization of SEPA started on January, 28th 2008 when the banks participating in the project started to perform SEPA Credit Transfers (SCT).

5.8. What are SEPA payment instruments?

SEPA payment instruments are SEPA credit transfers and SEPA direct debits. As of the 28th of January 2008 started the SEPA credit transfer scheme and as of November 2010 started both SEPA Direct Debit schemes. The majority of the Bulgarian banks offer SEPA credit transfers to their clients. In relation to the SEPA project a framework for cards and card payments is developed. The structure and rules for the operation of SEPA payment instruments is in compliance with the rules set in the EPC guidebooks. In relation with Regulation 260/2012 /so called SEPA End Date Regulation/ as of the beginning of August 2014 all credit transfers and direct debits in euro should be SEPA and all non-euro area member states as Bulgariaria should migrate to SEPA payment instruments in euro – SEPA SCT and SEPA SDD as of the end of October 2016.

*This information has only educational purpose.