Terms for Payments by Direct Debit under the SEPA Core Direct Debit Scheme

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Terms for Payments by Direct Debit under the SEPA Core Direct Debit Scheme

Holvi Payment Services Ltd

Last Update: November 11st, 2016

Version 1.0



Further details of Holvi are contained in the “Holvi’s Terms of Service”

Payments which the customer makes to payees (creditors) by SEPA core direct debit through his/her account with Holvi shall be subject to the following Terms.  

1. General

1.1. Definition: A direct debit is a payment transaction initiated by the payee and debited to the customer’s account where the amount of the payment is specified by the payee.

 

1.2. Charges

 

1.2.1. Charges for consumers: The charges for direct debits shall be set out in the “Holvi’s Terms of Service”. 
Any changes in the charges shall be offered to the customer in text form no later than two months before their proposed date of entry into force. If the customer has agreed an electronic communication channel with Holvi within the framework of the business relationship, the changes may also be offered through this channel. The changes shall be deemed to have been approved by the customer, unless the customer has indicated disapproval before their proposed date of entry into force. Holvi shall expressly draw the customer’s attention to this consequent approval in its offer.

If the customer is offered changes in the charges, the customer may also terminate the business relationship free of charge with immediate effect before the proposed date of entry into force of the changes. Holvi shall expressly draw the customer’s attention to this right of termination in its offer.

 

1.2.2. Charges for customers who are not consumers: Charges for payments by customers and any changes in these shall continue to be governed by Holvi’s Terms of Service).

 

1.3. Dispute settlement and other means of complaint: These terms are governed by the laws of Finland (excluding its choice of law provisions). If the customer is a consumer, the mandatory laws of the customer’s domicile may also apply. Any dispute arising out of these terms of service shall be finally resolved in the District Court of Helsinki or the district court of the place where the defendant has its domicile. If the customer is a consumer, the customer shall also have the right to bring proceedings in the courts of his/her own domicile.

Complaints should be addressed in text form (e.g. by letter, telefax or email) to Holvi Payment Services Oy, Lapinlahdenpolku 8 E, 00180 Helsinki; fax: +358 (0) 923194337; email: support@holvi.com or through following Complaints Form.

In addition, customers may make complaints at any time in writing or orally on the record to the Finnish Financial Supervisory Authority (FIN-FSA), Snellmaninkatu 6, P.O. Box 103, FI-00101 Helsinki; tlf. +358 10 831 5; email: fiva@fiva.fi, about breaches by Holvi.

2. SEPA core direct debit

2.1. General

 

2.1.1. Main characteristics of the SEPA core direct debit scheme: The SEPA core direct debit scheme enables the customer to make payments in euros to the payee through Holvi within the Single Euro Payments Area (SEPA). SEPA comprises the countries and territories listed in the Annex.

For the execution of payments by SEPA core direct debit

  • the payee and the payee’s payment service provider must use the SEPA core direct debit scheme and
  • the customer must give the SEPA core direct debit mandate to the payee before the payment transaction.The payee initiates the respective payment transaction by presenting the direct debits to Holvi through his/her payment service provider. If a payment which has been made on the basis of a SEPA core direct debit is authorised, the customer shall be entitled to claim a refund of the amount debited from Holvi. Such claim must be made within eight weeks starting from the date on which the customer’s account was debited.

 

2.1.2. Unique identifiers: The customer must use the IBAN 1 notified to him/her plus for cross-border payments (within the European Economic Area 2 until 31 January 2016) the BIC 3 of Holvi, as his/her unique identifier vis-à-vis the payee, since Holvi is entitled to execute the payment by SEPA core direct debit solely on the basis of the unique identifier provided to it. Holvi and the intermediary institutions involved will execute the payment to the payee using the IBAN, plus for cross-border payments the BIC, indicated by the payee in the direct debit data set as the customer’s unique identifier.

 

2.1.3. Transmission of direct debit data: When SEPA core direct debits are used, the direct debit data may be forwarded to Holvi by the payee’s payment service provider through the message transmission system of the Society for World­wide Interbank Financial Telecommunications (SWIFT), which is based in Belgium and has operating centres in the European Union, Switzerland and the United States.

 

2.2. SEPA direct debit mandate

 

2.2.1. Giving the SEPA direct debit mandate: The customer shall give a SEPA direct debit mandate to the payee. With it, the customer authorises Holvi to pay SEPA core direct debits drawn by the payee. The mandate must be given in writing or in the manner agreed with Holvi.

The SEPA core direct debit mandate must contain the following statements by the customer:

  • a statement authorising the payee to collect payments from the customer’s account by SEPA core direct debit and
  • a statement instructing Holvi to pay SEPA core direct debits drawn by the payee on the customer’s account.

The SEPA core direct debit mandate must contain the following authorisation data:

  • identification of the payee
  • creditor identifier
  • indication of whether the mandate is for a one­-off or recurrent payment
  • name of the customer (if available)
  • name of the customer’s Holvi and
  • customer’s unique identifier (see Section 2.1.2).

The direct debit mandate may contain additional details supplementing the authorisation data.

 

2.2.2. Collection authorisation as a SEPA direct debit mandate: If the customer has given collection authorisation to the payee, authorising the payee to collect payments from his/her account by direct debit, the customer thereby instructs Holvi at the same time to pay the direct debits drawn on his/her account by the payee. With the collection authorisation, the customer authorises Holvi to pay direct debits drawn by the payee. This collection authorisation shall be deemed to be a SEPA direct debit mandate. Sentences 1 – 3 shall apply also to collection authorisation given by the customer prior to the entry into force of these Terms.

Collection authorisation must contain the following authorisation data:

  • name and address of the payee
  • name of the customer
  • customer’s unique identifier in accordance with Section 2.1.2 or account number and bank code.

Collection authorisation may contain additional details supplementing the authorisation data.

 

2.2.3. Revocation of the SEPA direct debit mandate: The SEPA direct debit mandate may be revoked by the customer by means of a statement to this effect – if possible, in writing – to the payee or Holvi, with the result that subsequent payment transactions are no longer authorised. If notice of revocation is given to Holvi, it shall take effect from the banking business day, as stated in the “Holvi’s Terms of Service”, following the day on which it is received. Notice of revocation should, in addition, be given to the payee so that the payee does not collect any further direct debits.

 

2.2.4. Limitation and disallowance of SEPA core direct debits: The customer may separately instruct Holvi to limit or disallow payments under SEPA core direct debits. This instruction must be received by Holvi no later than the end of the banking business day, as stated in the “Holvi’s Terms of Service”, before the due date indicated in the direct debit data set. This instruction should, if possible, be given in writing and to the account keeping branch of Holvi. It should, in addition, be given to the payee.

 

2.3. Collection of the SEPA core direct debit by the payee under the SEPA core direct debit mandate

(1)  The SEPA core direct debit mandate given by the customer shall remain with the payee. The payee shall take over the authorisation data and enter any additional details in the data set for collection of SEPA core direct debits. The respective direct debit amount shall be specified by the payee.

(2)  The payee shall send the data set for collection of the SEPA core direct debit to Holvi (payer Holvi) electronically through his/her payment service provider. This data set shall also represent the customer’s instruction to Holvi in the SEPA direct debit mandate to pay the respective SEPA core direct debit (see Section 2.2.1, sentences 2 and 4 and Section 2.2.2, sentence 2). For delivery of this instruction, Holvi shall waive the form agreed for giving the SEPA direct debit mandate (see Section 2.2.1, sentence 3).

 

2.4. Payment transaction based on the SEPA core direct debit

 

2.4.1. Debiting the direct debit amount to the customer’s account

(1) On receipt of SEPA core direct debits drawn by the payee, the amount specified by the payee shall be debited to the customer’s account on the due date indicated in the direct debit data set. If the due date is not a banking business day as stated in the “Holvi’s Terms of Service”, the account shall be debited on the next banking business day.

(2) The customer’s account shall not be debited or a debit entry shall be cancelled no later than the second bank working day 4 after it was made (see Section 2.4.2) if

  • Holvi has received notice of revocation of the SEPA direct debit mandate pursuant to Section 2.2.3
  • the customer does not have a sufficient credit balance on the account or sufficient credit for payment of the direct debit (lack of funds); Holvi shall not pay partial amounts
  • the payer’s IBAN indicated in the direct debit data set can­ not be assigned to any account held by the customer with Holvi, or
  • the direct debit cannot be processed by Holvi because the direct debit data set
    • does not contain a creditor identifier or contains one which is evidently wrong to Holvi ­
    • does not contain a mandate reference 

    • does not indicate the date on which the mandate was given, or 

    • does not indicate the due date. 


(3) In addition, the customer’s account shall not be debited or a debit entry shall be cancelled no later than the second Holvi working day after it was made (see Section 2.4.2) if this SEPA core direct debit is countermanded by a separate instruction from the customer pursuant to Section 2.2.4.

 

2.4.2. Payment of SEPA core direct debits: SEPA core direct debits are paid if the debit entry in the customer’s account has not been cancelled later than the second Holvi working day after it was made.

 

2.4.3. Notification of non-execution or cancellation of the debit entry or refusal of payment: Holvi shall inform the customer without delay, and no later than the time agreed in Section 2.4.4, of non­execution or cancellation of the debit entry (see Section 2.4.1, paragraph 2) or refusal to pay a SEPA core direct debit (see Section 2.4.2).

This may be done also through the agreed account information channel. Holvi shall, if possible, state the reasons and indicate ways in which errors that led to the non-execution, cancellation or refusal can be rectified. For informing the customer of a justified refusal to pay an authorised SEPA core direct debit due to a lack of funds (see Section 2.4.1, paragraph 2, second bullet point, Holvi shall levy the charge set out in the “Holvi’s Terms of Service”.

 

2.4.4. Execution of the payment

 (1) Holvi shall be obligated to ensure that the amount debited by it to the customer’s account on the basis of the SEPA core direct debit presented by the payee is received by the payee’s payment service provider within the execution period indicated in the “Holvi’s Terms of Service” at the latest.

(2) The execution period shall commence on the due date indicated in the direct debit data set. If this date is not a banking business day as stated in the “Holvi’s Terms of Service”, the execution period shall commence on the following banking business day. 

(3) Holvi shall inform the customer of the execution of the payment through the agreed account information channel and at the agreed frequency.

 

2.5. Customer’s entitlement to a refund for an authorised payment

(1) If a payment which has been made on the basis of a SEPA core direct debit is authorised, the customer shall be entitled to claim a no-questions­-asked refund of the amount debited from Holvi. Such claim must be made within eight weeks starting from the date on which the customer’s account was debited. Holvi shall restore the balance of the customer’s account to what it would have been without debiting for the payment. Any claims by the payee against the customer shall not be affected by this. 

(2) The entitlement to a refund under paragraph 1 shall be precluded as soon as the amount of the direct debit entry has been expressly authorised by the customer directly to Holvi. 

(3)  The customer’s entitlement to a refund for a non­executed or incorrectly executed authorised payment shall be determined by Section 2.6.2.

 

2.6. Customer’s entitlement to a refund and compensation

 

2.6.1. Refund for an unauthorised payment: If a payment is not authorised by the customer, Holvi shall have no claim against the customer for reimbursement of its expenses. It shall be obligated to refund the amount debited to the customer’s account to the customer without delay and to restore the balance of this account to what it would have been without debiting for the unauthorised payment.

 

2.6.2. Refund for non-executed or incorrectly executed authorised payments

(1) If an authorised payment is not executed or not executed correctly, the customer may request Holvi to refund the direct debit amount in full without delay insofar as the payment was not executed or executed incorrectly. Holvi shall then restore the balance of the customer’s account to what it would have been without debiting for the incorrectly executed payment transaction.

(2) Over and above the entitlement under paragraph 1, the customer may request Holvi to refund the charges and interest levied on him/her or debited to his/her account in connection with the non­execution or incorrect execution of the payment.

(3) If incorrect execution is due to the amount of the payment not being received by the payee’s payment service provider before expiry of the execution time as specified in Section 2.4.4 (delay), the entitlement to a refund under paragraphs 1 and 2 shall be precluded. If the customer has sustained any loss or damage as a result of the delay, Holvi shall be liable pursuant to Section 2.6.3 and, where customers who are not consumers are involved, pursuant to Section 2.6.4.

(4) If a payment transaction was not executed or not executed correctly, Holvi shall, at the customer’s request, make immediate efforts to trace the payment transaction and notify the customer of the outcome.

 

2.6.3. Compensation  

(1)  If an authorised payment is not executed or not executed correctly or if a payment is unauthorised, the customer may request Holvi to provide compensation for any loss or damage not already covered by Sections 2.6.1 and 2.6.2. This shall not apply if Holvi is not responsible for the neglect of duty. Holvi shall be liable in this connection for any fault on the part of an intermediary institution to the same extent as for any fault on its own part. If the customer has contributed to the occurrence of any loss or damage through culpable conduct, the principles of contributory negligence shall determine the extent to which Holvi and the customer must bear the loss or damage.

(2)  Liability under paragraph 1 shall be limited to € 12,500. This limitation on liability shall not apply to

  • unauthorised payments
  • cases of deliberate intent or gross negligence by Holvi
  • risks which Holvi has assumed on an exceptional basis and,
  • if the customer is a consumer, loss of interest incurred by the customer.

 

2.6.4. Entitlement to compensation by customers who are not consumers for a non-executed authorised payment, incorrectly executed authorised payment or unauthorised payment: By way of derogation from the entitlement to a refund under Section 2.6.2 and the entitlement to compensation under Section 2.6.3, customers who are not consumers shall only have a claim for compensation – besides any claims for restitution under the applicable Finnish Law – in accordance with the following rules: If an authorised payment is not executed or executed incorrectly or if a payment is unauthorised, a customer who is not a consumer may request the Holvi to provide compensation for any loss or damage incurred as a result. This shall not apply if Holvi is not responsible for the neglect of duty. If the customer has contributed to the occurrence of any loss or damage through culpable conduct, the principles of contributory negligence shall determine the extent to which Holvi and the customer must bear the loss or damage.

The amount of the customer’s claim for compensation shall be limited to the amount of the direct debit, plus the charges and interest levied by Holvi. Where claims for consequential loss or damage are asserted, such claims shall be limited to a maximum of € 12,500 per payment. These limitations on liability shall not apply to deliberate intent or gross negligence by Holvi or to risks which Holvi has assumed on an exceptional basis.

 

2.6.5. Preclusion of liability and objection

 (1) Any liability by Holvi under Sections 2.6.2 – 2.6.4 shall be precluded

  • if the Holvi proves to the customer that the full amount of the payment reached the payee’s payment service provider in due time or
  • if the payment was executed in conformity with the incorrect unique identifier of the payee provided by the payee. In this case, the customer may, however, request Holvi to make reasonable efforts to recover the amount of the payment. For doing so, Holvi shall levy the charge for recovery set out in the “Holvi’s Terms of Service”.

(2) Any claims by the customer under Sections 2.6.1 – 2.6.4 and any objections by the customer against Holvi as a result of non­execution or incorrect execution of payments or as a result of unauthorised payments shall be precluded if the customer fails to inform Holvi thereof within a period of 13 months at the latest after being debited for an unauthorised or incorrectly executed payment. This period shall start to run only once Holvi has informed the customer about the debit entry for the payment through the agreed account information channel no later than one month after the debit entry was made; other­wise the date on which the customer is informed shall determine when the period commences. The customer may assert claims for compensation under Section 2.6.3 also after expiry of the period referred to in sentence 1 if he/she was prevented, through no fault of his/her own, from adhering to this period.

(3) Any claims by the customer shall be precluded if the circumstances substantiating a claim

  • are based upon an abnormal and unforeseeable event beyond the control of Holvi and whose consequences could not have been avoided even by exercising due diligence
  • or were brought about by Holvi as a result of a statutory obligation.

 

Annex: List of SEPA countries and territories

1.1. Countries belonging to the European Economic Area (EEA)

 

Member states of the European Union:

Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France (including French Guiana, Guadeloupe, Martinique, Mayotte, Réunion), Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovak Republic, Slovenia, Spain, Sweden, United Kingdom of Great Britain and Northern Ireland.

 

Further countries:

Iceland, Liechtenstein, Norway.

 

1.2. Other countries and territories:

Monaco, San Marino, St. Pierre & Miquelon, Switzerland plus Guernsey, Jersey and Isle of Man.



Index

1. International Bank Account Number

2. For the member countries, see Annex

3. Bank Identifier Code 

4. Bank working days are all working days except Saturdays and 24 and 31 December

You can download a full PDF of these Terms here.  

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