European Interbank Compensation Guidelines – Revision 2009

23. Oktober 2009

The Interbank Compensation Guidelines were developed as a recommended basis for the settlement of claims for compensation arising from same day high-value payments1 in euro made between banks. This common approach to interbank claims was agreed in December 1998, prior to the introduction of the euro, for the categorisation and calculation of interest claims in compensation, be it for misdirected euro-denominated payments or eurodenominated payments sent on the wrong value date.

Following implementation of EC Directive 2007/64/EC of 13 November 2007 on payment services in the internal market (the “Payment Services Directive”) in Member States, these claims can only take the form of back valuation and the return of payments.

Since their introduction, the Guidelines have been increasingly used and accepted in the market, showing the need for common compensation rules in the euro area to resolve problems relating to errors made by banks handling payments. The European Interbank Compensation Guidelines have become de facto market practice in the euro area.

Although the terms “bank” and “interbank” have been retained, these Guidelines are intended to apply, where applicable, to all payment service providers as defined by the Payment Services Directive. […]

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