The Electronic Funds Transfer Authorization Form is a critical document used in the Irish banking and payment services sector to facilitate secure electronic money transfers between accounts. This document is essential when establishing new payment arrangements, whether for single transactions or recurring payments, and must comply with the European Union (Payment Services) Regulations 2018, GDPR, and Irish banking laws. The form collects and validates essential information including account holder details, bank account information, payment specifications, and explicit authorization for the transfer of funds. It's particularly relevant in an increasingly digital banking environment, where secure and properly documented payment authorizations are crucial for both regulatory compliance and operational efficiency.
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1. Payer Information: Details of the individual or entity authorizing the electronic funds transfer, including full name, address, and contact information
2. Bank Account Details: Payer's bank account information including account holder name, IBAN, BIC/SWIFT code, and bank name
3. Payee Information: Details of the receiving party, including business name, account details, and reference information
4. Transfer Details: Specification of the transfer amount, frequency (one-time or recurring), and payment dates
5. Authorization Statement: Clear statement of authorization for the electronic funds transfer and agreement to the terms and conditions
6. Data Protection Notice: GDPR-compliant statement about how personal and financial information will be collected, used, and protected
7. Rights and Obligations: Statement of the payer's rights regarding cancellation, modification, and refunds, as well as obligations of all parties
8. Signature and Date: Space for electronic or physical signature and date of authorization
1. Direct Debit Guarantee: Required only for direct debit arrangements, explaining the protections offered under the SEPA Direct Debit scheme
2. Multiple Account Authorization: Optional section for cases where transfers may be made from multiple accounts
3. Variable Amount Authorization: Required when the transfer amount may vary, including maximum amount limitations
4. International Transfer Details: Additional information required for international transfers, including currency conversion acknowledgment
5. Third Party Authorization: Required when the person authorizing the transfer is not the account holder
1. Schedule A - Payment Schedule: Detailed schedule of payment dates and amounts for recurring transfers
2. Schedule B - Fee Schedule: Breakdown of any applicable fees for the electronic funds transfer service
3. Appendix 1 - Terms and Conditions: Detailed terms and conditions governing the electronic funds transfer service
4. Appendix 2 - Privacy Notice: Detailed privacy notice explaining data protection practices and rights under GDPR
Relevant legal definitions
Account
Account Holder
Authorization
Bank
Banking Day
BIC (Bank Identifier Code)
Business Day
Cancellation Notice
Commencement Date
Credit Institution
Data Protection Laws
Debit Date
Direct Debit
Due Date
Electronic Funds Transfer
Effective Date
Financial Institution
IBAN (International Bank Account Number)
Mandate
One-Time Payment
Payment Date
Payment Instruction
Payment Service Provider
Payment Services Regulations
Payee
Payer
Recurring Payment
Reference Number
Regulatory Authority
SEPA
Settlement Date
Standing Order
Transaction
Transfer Amount
Value Date
Account Holder
Authorization
Bank
Banking Day
BIC (Bank Identifier Code)
Business Day
Cancellation Notice
Commencement Date
Credit Institution
Data Protection Laws
Debit Date
Direct Debit
Due Date
Electronic Funds Transfer
Effective Date
Financial Institution
IBAN (International Bank Account Number)
Mandate
One-Time Payment
Payment Date
Payment Instruction
Payment Service Provider
Payment Services Regulations
Payee
Payer
Recurring Payment
Reference Number
Regulatory Authority
SEPA
Settlement Date
Standing Order
Transaction
Transfer Amount
Value Date
Clauses
Authorization
Payment Terms
Account Details
Data Protection
Consent
Modification Rights
Cancellation Rights
Bank Charges
Processing Time
Liability
Force Majeure
Privacy
Security
Dispute Resolution
Governing Law
Consumer Rights
Refund Rights
Amendment
Termination
Notices
Representations and Warranties
Indemnification
Severability
Electronic Signature
Record Keeping
Payment Terms
Account Details
Data Protection
Consent
Modification Rights
Cancellation Rights
Bank Charges
Processing Time
Liability
Force Majeure
Privacy
Security
Dispute Resolution
Governing Law
Consumer Rights
Refund Rights
Amendment
Termination
Notices
Representations and Warranties
Indemnification
Severability
Electronic Signature
Record Keeping
Relevant Industries
Banking & Financial Services
Financial Technology
Retail
E-commerce
Professional Services
Healthcare
Insurance
Utilities
Telecommunications
Education
Real Estate
Non-Profit Organizations
Government Services
Relevant Teams
Finance
Accounts Payable
Accounts Receivable
Treasury
Legal
Compliance
Operations
Customer Service
Risk Management
Data Protection
Banking Operations
Payment Processing
Administrative Support
Relevant Roles
Finance Manager
Accounts Payable Manager
Accounts Receivable Manager
Treasury Manager
Financial Controller
Compliance Officer
Banking Operations Manager
Payment Services Manager
Legal Counsel
Risk Manager
Data Protection Officer
Customer Service Manager
Branch Manager
Account Manager
Financial Services Administrator
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