Amendment of the Terms and Conditions of the Settlement Agreement, Execution of Payment Transactions, Standing Order Agreement, and E-invoice Standing Order Agreement

Please be advised that changes to the Standard Terms and Conditions of Settlement Agreement, the Terms and Conditions of Payment Transactions, the Terms and Conditions of Standing Order Agreement and the Standard Terms and Conditions of E-invoice Standing Order Agreement will come into effect on 7 October 2025.

These changes are linked to the pan-European Instant Payments Regulation entering into force in October and the new payment requirements resulting from it.

These changes are linked to the pan-European Instant Payments Regulation entering into force in October and the new payment requirements resulting from it.

• adding a new service to verify the name of the beneficiary of a payment, which will be implemented prior to the payer confirming the European payment order (Settlement Agreement p. 3.3);
• updating the chapter on the bank’s liability in such a way that a payment order will be deemed to have been correctly executed by the bank even in situations where e.g. a client submits such an order to the bank without taking into account the bank’s warning that the beneficiary’s name and the account number in the payment order do not match (Settlement Agreement p. 11.2.6);
• updating the definition of instant payments and removing the maximum limit on such payments from the terms and conditions (Terms & Conditions of Payment Transactions p. 2.3). Thereafter, clients will be able to set their own maximum limit for instant payment transactions by submitting a request to this effect to the bank via the Internet bank or at a bank branch; and
• clarifying that in the case of standing orders (incl. e-invoice standing orders), an instant payment order will be deemed to have been received by the bank for execution on any calendar day (E-invoice Standing Order Agreement p. 2.2 and Standing Order Agreement p. 3.3).

These changes will apply to both private persons and legal persons.

You can view the Standard Terms & Conditions of Settlement Agreement, the Terms & Conditions of Payment Transactions, the Terms & Conditions of Standing Order Agreement and the Standard Terms & Conditions of E-invoice Standing Order Agreement here: Terms and Price list.

If a client does not agree to the changes to the terms and conditions, they can terminate their contract(s) prior to 7 October 2025. If they have not notified us of their wish to do so prior to that date, this will be considered by the bank as the client having agreed to the changes made to the terms and conditions.

If you have any questions, please contact customer support by e-mailing klienditugi@cooppank.ee or calling 669 0966 (8:30-19:00 Monday-Friday).