Business in Poland
Law, tax and banking. Chapter 6
Debit transfers are sent by the receiving bank (using a special message type) to KIR for the morning session. The debit transfer instructions are then forwarded by KIR to the debtor s branch, so as to allow the debtor to refuse payment on any of the grounds given in the agreement. If, by 16:00CET, no refusal has been forthcoming, KIR will consider the payment as effective and settle it during the evening session.
Payment instructions are transferred electronically between ELIXIR participants using the TELBANK network or by means of floppy disk. Transactions are settled three times a day (after each settlement session) via participants settlement accounts at the National Bank of Poland.
Banks have online access to their ELIXIR positions reducing the risk of uncov- ered exposures. Additionally, since November 2004 the functionality of the ELIXIR system has been enriched by the mechanism of settlement finality, It en- sures the completion of the clearing process on time within one session in the case of inability to pay liabilities by any participant or participants.
188.8.131.52. EURO ELIXIR
The Euro-ELIXIR system was activated in March 2005, enabling all banks operat- ing in Poland to process EUR payments. The system allows both domestic as well as international payments in EUR (through STEP 2). In 4th quarter of 2005 there were 34 banks participating in Euro-ELIXIR settlements.
Domestic Euro payments There are no amount limitations as far as domestic Euro payments are con- cerned. Further, all cost options (BEN, SHA and OUR) are allowed.
Cross border Euro payments
There are certain requirements applicable to cross-border Euro payments cleared through Euro-ELIXIR channel:
the amount of a single transfer cannot exceed 12.500 EUR (the minimum threshold will be raised to EUR 50,000 on 1st of January, 2006),
only SHA cost option is allowed,
payment order must contain bothIBAN account number and beneficiary s BIC code. .
6.4.3. Electronic Banking
Due to the influence of foreign banks and companies in Poland, the usage of elec- tronic banking services is becoming increasingly popular. There is no nationwide bank-independent norm. However, usage of the bank-independent package Mul- tiCash is widespread among the larger Polish companies. The system, however, can only access accounts with the banks which offer the MultiCash system in Poland (approximately 20 banks). The majority of electronic banking packages available in Poland offer account statement retrieval and end-of-day reporting. In some cases, intra-day balance reporting is available.
Integration with local and international ERP systems is becoming increasingly important. A number of Polish IT companies offer such services.
Danske Bank / KPMG / Mazanti-Andersen, Korsø Jensen & Partnere January 2006