SEPA payments are payments in euros within Estonia and EEA*. 

SEPA payment conditions:

• the beneficiary's bank is located in the European Economic Area
• beneficiary's account number is used in IBAN format
• BIC code of the beneficiary's bank is used
• payment type is standard
• charging option is SHA
• Standard SEPA payment within Estonia is executed with value date T+0, cut off time is 16:00. The payment will reach beneficiary’s bank within 3-5 hours.
• Express SEPA payment within Estonia is executed with value date T+0, cut off time is 17:00. The payment will reach beneficiary’s bank within 30-90 minutes.
• Standard SEPA payment within EEA is executed with value date T+1, cut off time is 17:00
• Express SEPA payment within EEA is executed with value date T+0, cut off time is 16:00

Starting from the 1st of February 2014 all euro-denominated payments within Estonia and the European Economic Area are executed with international bank account number (IBAN) and are settled through Pan-European clearing house. Payments are settled six times a day (settlement cycles): at 02:00, 03:00, 10:00, 12:30, 15:00 and 17:00. Payment orders must be sent to OP Bank at least 45 minutes before the mentioned times for them to be settled in the relevant settlement cycle.

Incoming payments are credited to customer’s account in OP Bank by the following times: 04:45, 9:45, 11:45, 14:15, 16:45 and 18:30.

Payments are settled on the working days, except for the Easter Monday.

OP Corporate Bank plc Estonian Branch is ready to receive payment order files in the ISO20022 XML format since 1 February 2014. For Customer Credit Transfer Initiation message pain.001.001.03 is used. Detailed descriptions of the ISO file formats can be found on the website of the Banking Association: http://pangaliit.ee/en/settlements-and-standards/xml-b2c-c2b-messages.

*European Economic Area (EEA) consists of the EU member states, Iceland, Liechtenstein, Norway, Switzerland and Monaco.

International payment is a payment to a foreign country or a payment in foreign currency to another bank in Estonia.

In most countries, payment traffic has been automated by creating standard formats for bank account numbers and bank identifier SWIFT (BIC) codes, used by all banks. In order to ensure quick and inexpensive handling of payments, we recommend you to ask from beneficiaries for their complete bank details. The beneficiary’s IBAN (International Bank Account Number) should always be used when it is available. The IBAN should be entered in an uninterrupted sequence, with all characters typed immediately after each other (without any spaces) and leaving out the abbreviation ‘IBAN’ from in front of the numbers.

Types of international payments:

• Standard payment
  Standard payment reaches the beneficiary within 3-7 banking days
• Urgent payment
  Urgent payment reaches the beneficiary in 2-5 banking days
• Express payment
  Express payment reaches the beneficiary on the same or next banking day

The date on which the beneficiary’s bank credits the funds to the beneficiary's account is dependent on the beneficiary's bank and country-specific regulations.

Charging options:

• SHA – shared costs, which means that the payer and the beneficiary shall pay service fees of their own bank
• OUR – payer’s costs, which means that the payer shall pay all service fees. The payment reaches the beneficiary usually in full amount.

For payments within EU/EEA charge code OUR can only be used, when currency conversion takes place during the payment processing or the payment is made in a currency other than EU/EEA area's currency.

OP payment

Standing payment order is a payment order that is automatically debited from account in the amount predefined by the customer on predefined date, provided that there are sufficient funds on the account.

Based on standing payment order the bank performs payments from your company’s account in amounts and intervals predefined by you. The possible intervals are:

• weekly
• monthly
• quarterly
• yearly

The standing payment order can be given for performing both SEPA and international payments. The bank shall not perform a payment based on a standing payment order if there are no sufficient funds on the account.

Salary payment enables you to pay all salaries to your employees with one payment order. While consisting of several payments to several beneficiaries, salary payments are debited from the account as one lump sum payment and are also shown on the account statement as one payment. Single payments within that lump sum can be seen only by those NetBank users to whom you have given the relevant rights.

Salary payment can be made by

• importing ISO20022 XML file with payment data from your accounting program to the NetBank or
• inserting payments directly in the NetBank on the salary payment form.

Salary payments are available as SEPA payments, i.e. payments in euros within Estonia and EEA.

Please contact us to give your NetBank users the salary payment rights. These rights can be given also directly in the NetBank by the user who already has the administrator’s rights.