Maestro Global Rules (PDF) - MasterCard

Europe Region
9.14 Euro Conversion—Timing
NOTE
Maestro PayPass Transactions that exceed the applicable ceiling limit and have
been verified by online PIN or through offline verification of a mobile PIN by
a Mobile Payment Device will not have chargeback rights under Message
Reason Code 4837. Refer to the Chargeback Guide, Appendix B for additional
information.
9.14 Euro Conversion—Timing
Transactions submitted into the Interchange System that take place in countries
that convert to the euro should be submitted in the euro.
To allow a grace period for exceptional cases, the Interchange System will not
reject Transactions submitted in currencies that have been replaced by the euro
within six (6) months after the transition period. Within this six (6)-month
period, Issuers may not reject or chargeback Transactions submitted in
currencies that the euro has replaced, solely on grounds that such Transactions
have not been submitted in euro.
9.15 Clearing and Presentments
9.15.1 Clearing
10.2 Settlement
Transactions must always to be cleared electronically using the Integrated
Product Message (IPM) format.
Detailed clearing specifications are contained in the IPM Clearing Formats
manual.
Transactions must be submitted into clearing within seven (7) calendar days of
the Transaction date.
If the Acquirer does not submit an interregional Transaction into clearing within
120 days of the Transaction date, the Transaction will be rejected automatically
by the Interchange System, and a credit adjustment for the Transaction amount
will be processed to the Issuer by the Interchange System.
In addition to the Rules in Chapter 10, “Settlement and Reconciliation,” Rule
10.2 in part 1 of this rulebook the following apply:
As net settlement is the default procedure, if a Customer wishes to operate on a
multilateral basis via the services available through the Corporation, it should
be allowed to do so and may not be forced into bilateral agreements.
For further information about settlement, please refer to the Settlement Manual.
©1993–2012 MasterCard. Proprietary. All rights reserved.
17-72 9 November 2012 • Maestro Global Rules