Credit Transfer

Credit transfer means a payment service where the "Zahlungsanweisung" is submitted by the payer to his payment service provider. Then, the amount stated on the "Zahlungsanweisung" is debited from the payer´s payment account and credited to the payment account of the beneficiary.

Improvements from the view of the customer

Electronic commissioning via online-banking: Prospectively, remittances will be performed by the input of IBAN and BIC in the online-banking-system. The IBAN as well as the BIC of the beneficiary are displayed on your bill.

Commissioning with receipt via "Zahlungsanweisung": Furthermore, transactions can be performed via "Zahlungsanweisung". On pre-printed "Zahlungsanweisungen" merely the own IBAN is required. This number is depicted on your bank card/online-banking and on your bank account statement. More and more companies provide in addition the possibility to pay via QR-code.

Main legal requirements

  • By 1 February 2014, the IBAN (International Bank Account Number) will be the only payment account identifier for the execution of national and cross-border credit transfer in euro within the EU.
  • Until 1 February 2014, for national euro payments and until 1 February 2016, for cross-border euro payment, payment service users may also be requested to provide the BIC (Business Identifier Code). Member States may waive the requirement relating to the provision of the BIC for national payment transactions until 1 February 2016.
  • The bank has to inform its customers about SEPA (technical and functional requirements)
  • Adapt the account number and former bank code to IBAN and BIC. Please note that it is not possible to convert or calculate IBAN and BIC in Austria. STUZZA offers an “IBAN conversion service” which will contact the account holding bank and provide you with correct IBANs. Please contact your bank to use this service.
  • The use of the ISO 20022 XML message format is mandatory between PSPs and for PSUs which use bundled transmission to initiate transactions.
  • Reference 35 characters / Remittance Information 140 characters.

Studiengesellschaft für Zusammenarbeit im Zahlungsverkehr GmbH
Frankgasse 10/8, 1090 Wien
Telefon: +43/1/505 32 80-0; Fax: +43/1/505 32 80-77