General communication for business account
Dear market participant,
As we received several questions on the cash deposit functionality, we would like to provide you with an overview of the purpose and conditions of your dedicated business account. Also, we think that a reminder on this topic might be useful before the yearly auctions and will help you to plan a timely transfer of funds to your dedicated business account for bidding purposes.
The purpose of the business account is to enable you to make cash deposits as financial collateral to secure (potential) liabilities in connection with the allocation of transmission rights in auctions. JAO will settle your liabilities by debiting your business account in line with the monthly invoicing cycle.
The information on cash deposits received on your business account is updated in the auction tool (eCAT) once per day during the night and the new credit limit is available on the following day the amount was credited to your business account prior to the starting time of daily auctions. Please note that the update of the credit limit is an automated process and it cannot be updated in eCAT manually upon request. The cut-off time for incoming amounts is 5:00 PM CET/CEST.
We would recommend you to consult the auction calendar on JAO’s website (under Support – Auction Calendar) in order to plan your cash deposits in advance. The auction calendar provides an overview of all long-term auctions and also contains relevant specifications such as product, auction start time, dispute period, etc.
The e-banking platform “ING Inside Business” enables you to consult the movements on your business account; you may request a read-only access (user form available on our website). The user will be created for a person of your choice and is free of charge.
We kindly ask you to consider the following when making cash deposits on your dedicated business account:
· Indicate “JAO SA” as the account holder in the funds transfer message when making cash deposits to your dedicated business account in order to avoid any payment rejection or delay in processing;
· Transfer sufficient funds to cover for settlement of liabilities as well as the monthly account charges, in order to avoid any negative balance on your business account. The information on the banking conditions is available on our website www.jao.eu (under Support/Resource center/05. Financial information).
· Arrange cash deposits in advance of the opening time of the auctions you plan to participate in to ensure the timely update of your credit limit in the auction tool (eCAT) while also considering the mentioned time window between crediting your business account and until the cash deposits appear in the auction tool.
Please note that we manage all your questions and queries through our ticketing platform, to create a user and/or open a ticket, please visit: https://servicedesk.jao.eu
Best regards,
JAO Team