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

• The IBAN (International Bank Account Number) is the only payment account identifier for the execution of national and cross-border credit transfer in euro within the EU.
• The bank has to inform its customers about SEPA (technical and functional requirements)
• 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.