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Business in Poland

Law, tax and banking. Chapter 6

6.3.1. Credit Transfers

Credit transfers are the most popular cashless payment instruments in Poland both from a corporate and a consumer point of view. Their share of total volume and value of payments processed exceeds 90% and 80%, respectively.

Low-value credit transfers (below PLN 1.0 million), as well as payment messages directed to Social Insurance Institution and Tax Offices (regardless of their amounts) are processed on a same-day basis via the fully automated ELIXIR sys- tem. Credit transfers exceeding PLN 1.0 million threshold are cleared through SORBNET, Poland s central bank operated RTGS system.

6.3.2. Direct debit

The first direct debit transactions were

executed

in

July

1998.

This

payment

method can be used for electronic payments in the range 0

1,000 / 50,000

EUR (individuals / legal entities) through ELIXIR only. The transaction can be re- voked by the debtor within 5 business days (legal entities) or 30 calendar days

(individuals). In subject to that:

accordance

with

the

Banking

Law,

direct

debits

are

permitted

  • Both the creditor and the debtor hold a bank account with a bank that has entered into the agreement on direct debits;

  • The debtor has authorised the creditor to debit his / her account on agreed payment dates and in connection with specified liabilities, and;

  • The creditor and the bank have entered into an agreement on direct debits .

New business-to-business direct debit system

GOBI

has been recently intro-

duced in Poland. Unlike the classic direct debit system, there is no amount threshold applicable to GOBI transactions. Furthermore, the transactions cannot

be revoked.

The usage of direct debits is growing slowly, but still does not play any significant role in retail payments. According to KIR the number of direct debit transactions in 2004 increased by 70% (compared to 2003), however it still constituted only 1.1% of the total number of transactions cleared within ELIXIR system.

6.3.3. Cheques

The usage of cheques as a payment method has never been widespread, and with the rapid expansion of the payment card market, their relevance has de- creased even further. Consequently, banks often choose not to accept the cheques of non-customers. The only exception is the cashiers cheque, which is a popular mean for withdrawing cash. However, given that cashiers cheques are essentially cash withdrawal instruments (unlike normal settlement cheques) and cannot be used as an account transfer method, they are legally defined as a method of cash payment.

Danske Bank / KPMG / Mazanti-Andersen, Korsø Jensen & Partnere January 2006

93

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