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Austrian Payment Services Act (Zahlungsdienstegesetz – ZaDiG)

The Austrian Payment Services Act (Zahlungsdienstegesetz – ZaDiG) transposes the EU’s Payment Services Directive into Austrian law.

Objectives of the new rules

  • Establishing a legal framework for an EU-wide internal market for payment transactions.
  • Cross-border payment transactions should be as simple, efficient and secure as domestic payment transactions within EU member states.
  • Increasing competition by opening payment services markets to new providers.
  • Establishing the legal framework required for the Single Euro Payments Area (SEPA).
  • Gradually moving from paper-based payment transactions to paperless (electronic) payment transactions with a view to reducing the cost and execution periods of transfers.

What is the difference between the Austrian Payment Services Act, the Payment Services Directive and the Single European Payments Area?

The Austrian Payment Services Act implements the EU’s Payment Services Directive (PSD) into Austrian law. The PSD contains basic rules for creating a single European payments area and applies to all currencies of the member countries. SEPA applies to euro payments of the currently 16 countries within the euro area. It also extends to euro payments of the other 11 EU countries plus Norway, Iceland, Liechtenstein, Monaco and Switzerland.

Bank Austria offers you a broad range of Electronic Banking and Cash Management products which are adjusted to reflect technological progress on an ongoing basis. This enables you to settle your business transactions in an efficient manner also in the future.

Impacts of ZaDiG on booking date and value date

In accordance with the Austrian Payment Services Act (ZaDiG), since 1 January 2009 transfers can only be credited to the beneficiary's account on the value date.

In this context, please note that with salary transfers for example, at Bank Austria you can still enter the beneficiary value date and notify us about payment orders a few days in advance. This way you make sure that the amount is not debited too early, while the beneficiaries of the payments can have the amounts credited to their accounts at the start of the value date.

Furthermore, salaries booked to private accounts at a later date can lead to low account balances at the end of the month, which in turn can result in a higher number of returns.

We recommend that you should also take this into account when submitting your direct debits and collections.