In addition , the alignment of ELMIs with payment institutions is complicated by the need to differentiate between payment services based on payment accounts and e money payment services based on centralised accounts .

As currently drafted , it is not clear if all categories of payment service providers may provide payment accounts .

( b ) a payment institution shall keep the funds of a payment service user under an account name which clearly identifies the payment service user

This general definition of e money would imply that traditional bank accounts as well as payment accounts could be considered as e money .

The ability of payment institutions to provide payment accounts implies that payment institutions could keep funds for a longer period than is necessary to finalise a payment transaction .

In addition to the settlement of payment orders in the Payments Module , a PM account may be used to settle payment orders to and from Home Accounts , according to the rules laid down by the insert name of CB .

TITLE IV MANAGEMENT OF PM ACCOUNTS AND PAYMENT ORDERS Article 12 Opening and management of PM accounts PROCESSING OF

2007O0002 EN 22.11.2010 003.001 29 B TITLE IV MANAGEMENT OF PM ACCOUNTS AND PAYMENT ORDERS Article 12 Opening and management of PM accounts PROCESSING OF

The payment institution shall keep separately in its books the payment service users funds , accepted for a payment transaction , from other funds accepted for activities other than payment services .

2007O0002 EN 23.11.2009 002.001 23 M2 All payment instructions submitted by an ancillary system through the Ancillary System Interface to debit or credit the participants PM accounts shall be deemed to be highly urgent payment orders .

All payment instructions submitted by an ancillary system through the Ancillary System Interface to debit or credit the participants PM accounts shall be deemed to be highly urgent payment orders .

( iii ) to keep payment service users funds under an account name which clearly identifies them as such

The total value of all payment orders settled by the AL group members on their PM accounts may never exceed the aggregate amount of the available liquidity on all such PM accounts .

These entries would not be reversed and accrued interest would be taken out of the regularisation accounts at the time of the payment .

The total value of all payment orders settled by the AL group members on their PM accounts may never exceed the aggregate amount of all available liquidity on all such PM accounts .

The payment insti institution shall be transferred to the payee or , if an tution shall keep separately in its books the payment service users order is not executed , paid to the payer or other funds , accepted for a payment transaction , from other funds person entitled to the funds within the execution time prescribed in Section 2 of Chapter 2 of Title IV accepted for activities other than payment services .

B ( 2 ) The SCBs shall support the settlement of AS payment instructions in accordance with the choice of settlement procedures referred to in subparagraph 1 by , inter alia , settling payment instructions on the settlement banks PM accounts or sub accounts .

Aggregation of liquidity enables the AL group members to settle payment orders for an amount exceeding the available liquidity on their respective PM accounts , provided that the total value of all such payment orders never exceeds the aggregate amount of the available liquidity on all such PM accounts .

It must also be ensured that payment institutions may not pay interest or provide other incentives to the account holder .

( 3 ) Aggregation of liquidity enables the AL group members to settle payment orders for an amount exceeding the available liquidity on their respective PM accounts , provided that the total value of all such payment orders never exceeds the aggregate amount of the available liquidity on all such PM accounts .

Payment instructions ( a ) to debit short settlement banks accounts and credit the AS 's technical account

2007O0002 EN 22.11.2010 003.001 91 B ( 2 ) The SCBs shall support the settlement of AS payment instructions in accordance with the choice of settlement procedures referred to in subparagraph 1 by , inter alia , settling payment instructions on the settlement banks PM accounts or sub accounts .

3 . The payment service provider of the payer shall cease to make funds available to the payer as soon as those funds are debited from the payer 's payment account .

appropriations

The balances of these accounts shall be used to settle the AS 's payment instructions in the event that there is no available liquidity on the settlement bank 's PM account .

Items include credit transfers that have been debited from customers accounts and other items for which the corresponding payment has not yet been made by the reporting agent M4 accrued interest payable on deposits In accordance with the general principle of accruals accounting , interest payable on deposits should be subject to on balance sheet recording as it accrues ( i.e. on an accruals basis ) rather than when it is actually paid ( i.e. on a cash basis ) .

and ii ) the payment needs to be processed through an RTGS system ( which settles through banks accounts at the national central bank in the European monetary unit ) .

Payment instructions to debit the short settlement banks PM account and to credit the AS 's technical account will be settled first

after payment here bills are electronically matched with the payment , and the payee 's records are automatically updated .

Balances of Target accounts of non participating NCBs Current accounts .

means of payment

Payment appropriation

Under the AL mode , for the purpose of checking whether a payment order is sufficiently covered , available liquidity on all the AL group members PM accounts is aggregated .

All payment instructions submitted by an ancillary system through the Ancillary System Interface to debit or credit the participants PM accounts shall be deemed to be highly urgent payment orders .

However , to fully exploit the advantages of harmonised legislation , attention should be paid to aligning the scope of the proposed directive and that of the E money Directive ( 2 ) , in particular taking account of the need to differentiate between payment services based on payment accounts and e money payment services based on centralised accounting .

the amount of the payment transaction and of any commission fees and charges applied to the payment transaction that the payer had to pay to his payment service provider EN

Article 60 Payment transactions initiated by the payer 1 .

( 3 ) Payment instructions to debit the short settlement banks PM account and to credit the AS 's technical account will be settled first

Customer payment Customer payment ( Straight Through Processing ) Bank to bank payment Cover payments Direct debit payment Delivery notification Sender notification Abort notification

Launch the account wizard to configure PIM accounts.

Article l88a The C o u n of Auditors shall carry out the audit .

A member of the Court of Auditors may be The Court of Auditors shall carry out the audit .

Balances of TARGET accounts of non participating NCBs Current accounts .

Accounts to support settlement procedures ( 1 ) In addition to PM accounts , the following types of accounts may be opened in the PM and used by ASCBs , ASs and settlement banks for the settlement procedures referred to in paragraph 6 ( 1 ) ( a ) technical accounts , ( b ) mirror accounts , ( c ) guarantee fund accounts , ( d ) sub accounts .

User Accounts