Austria: Central bank as payment clearing house

Article Abstract:

The Austrian central bank Oesterreichische Nationalbank (OeNB) is to expand its engagement in payment clearing. According to director Wolfgang Duchatczek, OeNB is seeking to raise its stake in Austrian Payment System Services (APSS), a joint venture with Austrian banks. APSS manages cashless payment at points-of-sale. The company could expand by engaging in credit card and customer card clearing. By means of the increased handling volumes, the costs of clearing could be reduced. Duchatczek says that this is the main motive of the central bank, which might withdraw from the payment clearing business in the longer term.

Strategy & planning, Oesterreichische Nationalbank

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AUSTRIA: ELECTRONIC BILLING PLATFORM BY P.S.K

Article Abstract:

Austria's Postsparkasse has launched an electronic billing platform under www.bezahlen.at. Companies can put their invoices to the platform. The clients are informed about the invoice by e-mail, and they can pay the bill on-line from a giro account with any Austrian bank free of charge. The company is charged Sch 8 per invoice rather than Sch 25-30 in conventional payment. Postsparkasse expects "a couple of million" payments to be made via www.bezahlen.at in year 2000.

Product information

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Austria: Bank Burgenland to sue auditors

Article Abstract:

The Austrian Bank Burgenland has lodged a claim against its auditors, Ernst & Young and Deloitte & Touche for the value of EUR 36.33mn. The bank claims that its auditors violated their duties and acted in a manner that allowed non credit worthy companies to borrow money as well as letting the Hom-Rusch affair go unnoticed.

Legal issues & crime, Accounting, auditing, & bookkeeping, Accounting & Auditing Services, Accounting, Tax Preparation, Bookkeeping, and Payroll Services, Ernst & Young L.L.P., Deloitte & Touche L.L.P.

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