Payment account switching definition

Payment account switching. (“bank account switching”) means a process where the consumer initiates in respect of his/her payment account opened and maintained in Hungary the recurring incoming credit transfers, standing orders for credit transfers and direct debits concerning that account to be transferred to another payment service provider in accordance with Government Decree 263/2016 (VIII.31.) on Payment Account Switching (the “Decree”).
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Payment account switching. (“bank account switching”) means a process where the consumer initiates in respect of his/her payment account opened and maintained in Hungary the recurring incoming credit transfers, standing orders for credit
Sample 1Sample 2

Examples of Payment account switching in a sentence

  • Payment account switching is conducted exclusively upon written authorisation whereby, the payment services user authorises the transferring payment services provider to undertake all or individual activities pertaining to payment account switching which said services providers are obliged to carry out in line with applicable regulations governing payment services.

  • Payment account switching In 2008, EBIC adopted the Common Principles for Bank Account Switching which define the process to facilitate payment account switching within a Member State.

  • Payment account switching shall be executed exclusively upon the receipt of the authorisation given by the Client, with or without the closing of the payment account opened with the Bank.

  • In a fully functioning internal market, comparable information on payment account prices across the EU would broaden consumer choice and facilitate domestic and cross-border switching.3.2.3. Payment account switching What is a payment account switching service?Payment account switching is a process by which a payment account user changes/replaces his or her payment account.

Related to Payment account switching

  • Running Account Bill means a bill for the payment of "On Account" money to the Contractor during the progress of work on the basis of work done and the supply of non-perishable materials to be incorporated in the work.

  • Client Account means the unique personalised account of the Client consisting of all Completed Transactions, Open Positions and Orders in the Trading Platform, the balance of the Client money and deposit/withdrawal transactions of the Client money.

  • Collection Accounts As defined in Section 3.10(a).

  • Collection Account means the account designated as such, established and maintained pursuant to Section 5.1.

  • Settlement Account means an account established at a financial institution designated by Merchant as the account to be credited and debited by the Servicers for Transactions, Card Fees, Chargebacks and other amount assessed by a Card Association and passed- through to Merchant pursuant to the terms of this Agreement.