Code of Conduct for Initialisation of Exchange of Payments

Model Agreement for initialising new Transactions on the Eurogiro network

Between

….. (organisation A)

and

……(organisation B)

This agreement covers the bilateral business conditions for two-way exchange of payments between the above members on the Eurogiro Network.

The agreement specifies the type of transactions to be exchanged and the Terms and Conditions applied by each of the two organisations for sending and receiving the mentioned transactions.

This agreement submits to the rules and procedures of the Eurogiro partnership, as they for instance appear in the Eurogiro Information Handbook. Both parties commit to keeping the Eurogiro Information Handbook updated at any time on their services, including specifications for STP, description of cash services etc.

The agreement can at any time be replaced by a specific, bilaterally agreed agreement between the parties.

1. Terms for Transactions from …..(member A) sending to … (member B)

1.1Transactions and charges

The parties agree to exchange the transactions, as specified below, in the direction from …(member A) to … (member B).

1.1.1 Cash Payments (delete what is not relevant):

1.1.2 Payments to Accounts (delete what is not relevant):

1.1.3 Administrative Message types (delete what is not relevant):

1.2Terms and Conditions for accepting the transactions, applied by (member B)

The parties agree that the above transactions are accepted under the terms and conditions as specified below.

1.2.1 Cut-off times:

1.2.2 Maximum applied for received transactions:

Cash payments:

Credit transfers:

1.2.3 Cancellations:

Time in relation to

a) credit on the customers current account

b) the issue of the payment instrument

Credit date for cancelled transactions is … (date)

2. Terms for Transactions from …..(member B) sending to … (member A)

2.1Transactions and charges

The parties agree to exchange the transactions, as specified below, in the direction from …(member B) to … (member A).

2.1.1 Cash Payments (delete what is not relevant):

2.1.2 Payments to Accounts (delete what is not relevant):

2.1.3 Administrative Message types (delete what is not relevant):

2.2Terms and Conditions for accepting the transactions, applied by (member A)

The parties agree that the above transactions are accepted under the terms and conditions as specified below.

2.2.1Cut-off times:

2.2.2 Maximum applied for received transactions:

Cash payments:

Credits:

2.2.3 Cancellations:

Time in relation to

a) credit on the customers current account

b) the issue of the payment instrument

Credit date for cancelled transactions is … (date)

3. Settlement

The parties agree that the transactions exchanged will be settled as defined below:

Transactions sent in EUR are settled via the Eurogiro single settlement service provider for euro. Both parties confirm that they have opened an account with the above mentioned euro settlement service provider.

Transactions in (xx currency) will be settled on account:

Transactions in (yy currency) will be settled on account:

Each of the parties, keeping an account for the other party, agreed to issue an Account Statement (MT950) on each banking day with movements on the aforesaid account.

4. Testing

Testing is agreed bilaterally between the parties.

5. Contacts

The parties attach a list of contact persons in their organisations, but refer to the Eurogiro Contact List for contacts in the production phase.

6. Amendments and Supplements

Amendments and supplements to this agreement may be made with the consent of the two participants.

7. Entry into Force and Validity

This agreement shall come into force as of ……….(date)

This agreement is valid until further notice.

Signed by :Member A

On (date)

Member B