Payments
Quick and secure payments for your business
We offer a variety of payment solutions to enable your business to go about its everyday banking as securely as possible, but also with a minimum of fuss. Whether you need to make instant payments to recipients in Europe or want to set up convenient standing orders for your partners, we’ve got what you need!
As part of our Corporate plan, intrabank and European payments are free of charge in our electronic channels.
We also support the very handy Apple Pay and Google Pay, and you can confirm payments biometrically in our mobile bank.
E-invoices
An e-invoice is an electronic invoice sent to an Internet bank which replaces an invoice forwarded on paper or by e-mail. E-invoicing is secure and will save your company both time and money.
Standing orders
Standing orders are useful for making regular, fixed payments (e.g. deposits or donations). A specific amount or the entire account balance can be automatically transferred via a standing order. Once a day, once a week, once a month or once a quarter can be selected as the payment frequency.
Defined payments
A defined payment is a saved, pre-completed payment order with which you can quickly and easily make repeated payments to the same recipient – for example, to pay bills.
Payment types
Intrabank payments
With intrabank payments, the accounts of both the payer and the recipient are in Coop Pank. For this reason, payments tend to reach their recipients instantaneously.
Instant payments
These are European (SEPA) payments where the recipient's bank has joined the instant payment system.
Payment amount: up to €100,000.
Payments above €100,000 are executed as European payments.
European (SEPA) payments
A payment in euros where the banks of both the remitter and the beneficiary are part of SEPA.
These payments can be made in European Economic Area (EEA) countries.
International payments
MThese are any payments which are neither intrabank nor European (SEPA) payments.
- Regular payments are forwarded on the settlement day following the day on which the payment order is received.
- Expedited payments submitted to the bank up to 12:00 are forwarded on the day on which the payment order is received.
- Express payments (EUR) submitted to the bank up to 14:00 are forwarded on the day on which the payment order is received.
How quickly are Coop Pank payments transferred?
Wherever possible we execute payments as instant payments, which reach the recipient's account in seconds. If this isn't possible for technical reasons or the amount is more than €100,000, we execute the payment as a regular European (SEPA) payment. Settlements between banks in the SEPA region take place several times a day. In order for a payment to reach another bank on the same day, it needs to be made by 15:30 on a working day. Payments requiring additional checks may take longer to execute.
Estimated times of receipt:
| Amount taken from client's account | Money reaches recipient's account in another Estonian bank* |
| Before 8:30 | After 11:00 |
| 8:30-11:30 | After 13:30 |
| 11:30-14:30 | After 16:00 |
| 14:30-15:30 | After 17:30 |
| After 15:30 | After 8:45 the next working day |
* The time at which payments are received in other banks depends on the internal processes of the bank in question.
A SEPA payment initiated on a weekend will reach the recipient after 8:45 the following Monday.
Coop Pank is fully instant-payment capable, meaning we can receive payments sent to us as instant payments as well. If a payment forwarded to us by another bank wasn't sent as an instant payment, the amount might take a little longer to reach the recipient's account as a SEPA payment.
Receipt times:
| Period during which payment was made in other bank* | Money received by Coop Pank client |
| Before 7:00 | After 9:30 |
| 7:00-9:30 | After 11:30 |
| 9:30-12:00 | After 15:30 |
| 12:00-14:30 | After 16:30 |
| 14:30-16:30 | After 18:30 |
| After 16:30 | After 9:30 the next working day |
* Times differ in respect of other banks. The times given here are estimates. Precise information can be obtained from the bank that initiated the payment.
There may be exceptional cases where a payment is taking longer to arrive. This can happen as a result of the bank's control systems, technical issues, etc.
Consolidated payments
Coop Pank’s Gateway interface is the most convenient way of making all your consolidated payments, including salary, pension and social security payments. It allows you to forward the payment file directly from your business software to our Internet bank. You can also import the payment file manually.
An imported consolidated payment file can contain several such payments at a time, and they can be confirmed by the bank all at once as well.
Confidentiality is ensured when making a payment because the payroll payments are displayed as a lump sum on the account statement, and only those authorised to do so can view the details.
Importing and exporting payments
- Payment importing is suitable for mass payments (including consolidated and salary payments)
- Payments can be imported and exported in the Internet bank
- We use ISO20022 XML for importing
- If you have your own accounting software, you can use our Gateway interface
- Take a look at the technical specifications
Confirming payments using biometrics
You can repeatedly confirm up to 10 payments of max. €100 using biometric identification (fingerprint or facial recognition). Beyond 10 payments, you’ll need to use Mobile ID, Smart ID or your ID card’s PIN2 to confirm the payment. Thereafter you can perform another 10 payments using biometrics. This limit applies in all channels, including our Internet and mobile banks.
Balancing service
An automated service for managing corporate cash flows, which transfers the account balance to a specified account within the bank or outside the bank at the desired frequency.
Advantages of the solution:
- consolidation of group funds into one main account
- possibility to move funds across borders
- optimization of interest income
- reduction of the need for additional financing
- flexibility of settings
- reduction of manual work with automation
Contact your account manager for further information about the service.
Business client payments – good to know
