Business in Poland
Law, tax and banking. Chapter 6
Internet - based banking services are also widely available in Poland and offer account balance and transaction reporting in addition to transaction initiation. The major banks are strengthening their market position, both by expanding their customer networks through small customer service offices and ATMs and by developing electronic banking services. Electronic banking services are available both as Internet and WAP (mobile phone) solutions.
6.4.4. Other Payment Systems
Three systems currently process card transactions. KSR, operated by PolCard, PNNSS, operated by Visa and EDCSS, operated by Europay/MasterCard. These are all net systems, and the final balances of the participating banks are settled in the KIR system, through a settlement agent which is one of the Polish com- mercial banks.
6.5. Bank Accounts
Current accounts can be held by both residents and non-residents, in PLN and all convertible currencies. All bank accounts in Poland must comply with IBAN standard. IBAN format is used when an international payment is made; in case of a domestic transfer NRB standard (being a 26-digit numeric account number composed of check-digits, bank's settlement code and individual client's account identifier) is used. Unlike IBAN, NRB does not include PT ISO country code; apart for that the entire number is exactly the same in both cases. NRB format has been mandatory since July 1st, 2004, thus it's already well- known to all the banks, corporates and consumers.
Account opening forms are available in Polish and English. Some banks have electronic access to bank account opening forms.
6. 6. Liquidity Management
As there are no specific regulations, which directly address cash pooling some uncertainty with regards to the legal framework prevails. This is true both in re- spect of notional cash pooling schemes and co-mingling of funds solutions. No doubt however, that the banks present on the Polish market all have the exper- tise and technology to offer the solutions.
6.6.1. Notional Pooling
Compulsory reserve cost (related to the fact, that all the banks in Poland are obliged to put 3.5% of each deposit amount on a non-interest bearing account at National Bank of Poland), capital adequacy requirements and risk-related issues is a challenge for the banks with regards to offering notional pooling. Together with above mentioned legal uncertainties notional pooling is not widely offered, nor used, although some banks offer interest enhancement / compensation models.
Danske Bank / KPMG / Mazanti-Andersen, Korsø Jensen & Partnere January 2006