Money remittance

Money remittance

Published: 21/1/2016

The tables on money remittance show payment services where funds are received from a payer, without any payment accounts being opened in the name of the payer or the payee, for the purpose of transferring a corresponding amount of funds to the payee or to another payment service provider acting on behalf of the payee, and/or where such funds are received on behalf of and made available to the payee.

Metodologija - en - novčana pošiljka

Methodology

Published: 21/1/2016

Table PL1 Money remittance service in the RoC in kuna

Data presented in this Report are collected on the basis of the Decision on the obligation to submit data on the payment system and electronic money (Official Gazette 147/2013) and the accompanying Instructions.

This Report shows sent national money remittances based on cash, as well as money remittances through the payment card ('card to card' and 'card to account') executed in kuna.
The data in this Report refer to the total number/value of transactions during the reporting period, i.e. month, including the first and the last day in the month.

DEFINITIONS AND DESCRIPTIONS

1. Consumer
Consumer means a natural person who, in payment service contracts covered by the Payment System Act (OG 133/2009 and 136/2012) is acting for purposes other than his/her trade, business or profession.

2. Non-consumer
Non-consumer means a legal or natural person other than the consumer.

The following are included:

  • legal persons (e.g. corporates, institutions, cooperatives, associations, foundations etc.), craftsmen and other natural persons employed as freelancers or carrying out an economic activity when entering into a contract on payment services or a contract on the issuing of electronic money within the area of their economic activity or freelance occupation,
  • entities that do not have legal personality, but that may be owners of payment accounts (e.g. bodies of state administration, representative offices etc.).

3. Money remittance
Money remittance means a payment service where funds are received from a payer, without any payment accounts being opened in the name of the payer or the payee, for the purpose of transferring a corresponding amount of funds to the payee or to another payment service provider acting on behalf of the payee, and/or where such funds are received on behalf of and made available to the payee. Data on money remittances are submitted by the reporting entity (credit institution and electronic money institution) that is the provider of the money remittance service in accordance with the Payment System Act (or acting as an agent).

The following is included:

  • the execution of a payment order according to the specific scheme that the credit institution/electronic money institution has developed for the 'Money remittance' service, and it must inform the payment service user about such a scheme (execution deadlines).

The following is not included:

  • the payment of invoices using a payment slip, where each order is executed individually (reported under 'Credit transfer').

4. Money remittance ('card to card' and 'card to account')
Money remittance ('card to card' and 'card to account') is a money remittance service that enables the receipt and/or sending of funds on the card-to-card, card-to-account and account-to-card principle.
'Charge back' transactions are not considered money remittances and are not included in this Report.

5. National payment transaction
National payment transaction means a payment transaction the execution of which involves a payer's payment service provider and a payee's payment service provider, or only one payment service provider, which operate in the Republic of Croatia in accordance with Article 5 of the Payment System Act (Official Gazette, 133/2009 and 136/2012). 

 

Table PL2 Cross-border/international money remittances

Data presented in this Report are collected on the basis of the Decision on the obligation to submit data on the payment system and electronic money (Official Gazette 147/2013) and the accompanying Instructions.

This Report shows sent and received cross-border/international money remittances executed in all currencies, recalculated in kuna, based on cash, as well as money remittances through the payment card ('card to card' and 'card to account').
The data in this Report refer to the total number/value of transactions during the reporting period, i.e., month, including the first and the last day in the month. Payment transactions executed in all currencies are included, and the amounts in the table are presented recalculated in kuna using the CNB exchange rate on the last day of the reporting period.

DEFINITIONS AND DESCRIPTIONS

1. Consumer
Consumer means a natural person who, in payment service contracts covered by the Payment System Act (OG 133/2009 and 136/2012) is acting for purposes other than his/her trade, business or profession.

2. Non-consumer
Non-consumer means a legal or natural person other than the consumer.

The following are included:

  • legal persons (e.g. corporates, institutions, cooperatives, associations, foundations etc.), craftsmen and other natural persons employed as freelancers or carrying out an economic activity when entering into a contract on payment services or a contract on the issuing of electronic money within the area of their economic activity or freelance occupation,
  • entities that do not have legal personality, but that may be owners of payment accounts (e.g. bodies of state administration, representative offices etc.).

3. Money remittance
Money remittance means a payment service where funds are received from a payer, without any payment accounts being opened in the name of the payer or the payee, for the purpose of transferring a corresponding amount of funds to the payee or to another payment service provider acting on behalf of the payee, and/or where such funds are received on behalf of and made available to the payee. Data on money remittances are submitted by the reporting entity (credit institution and electronic money institution) that is the provider of the money remittance service in accordance with the Payment System Act (or acting as an agent).

The following is included:

  • the execution of a payment order according to the specific scheme that the credit institution/electronic money institution has developed for the 'Money remittance' service, and it must inform the payment service user about such a scheme (execution deadlines).

The following is not included:

  • the payment of invoices using a payment slip, where each order is executed individually (reported under 'Credit transfer').

4. Money remittance ('card to card' and 'card to account')
Money remittance ('card to card' and 'card to account') is a money remittance service that enables the receipt and/or sending of funds on the card-to-card, card-to-account and account-to-card principle. 'Charge back' transactions are not considered money remittances and are not included in this Report.

5. Cross-border/international payment transactions
Sent cross-border payment transactions refer to the total number/value of payment transactions executed/sent by the credit institution/electronic money institution at which the payment service provider of the payee (recipient of the money remittance) operates in the EU.
Sent international payment transactions refer to the total number/value of payment transactions executed/sent by the credit institution/electronic money institution at which the payment service provider of the payee (recipient of the money remittance) operates in a third country.

Received cross-border payment transactions refer to the total number/value of payment transactions received by the credit institution/electronic money institution at which the payment service provider of the payer (sender of the money remittance) operates in the EU.
Received international payment transactions refer to the total number/value of payment transactions received by the credit institution/electronic money institution at which the payment service provider of the payer (sender of the money remittance) operates in a third country. Sent and received cross-border and international payment transactions are defined in Article 2, paragraph (1),
items (31) and (32) of the Payment System Act.

DESCRIPTION OF BASIC FIELDS OF THE REPORT

1. Sent cross-border/international money remittances – number/value of transactions
Sent cross-border and international money remittances are counted on the side of the payer (money remittance sender) and refer to the total number/value of money remittances executed by the credit institution/electronic money institution during the reporting period, i.e., month, including the first and the last day in the month.
2. Received cross-border/international money remittances – number/value of transactions
Received cross-border and international money remittances are counted on the side of the payee (money remittance recipient) and refer to the total number/value of money remittances executed by the credit institution/electronic money institution during the reporting period, i.e., month, including the first and the last day in the month.