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Activities of Antonio Maria RINALDI related to 2022/0341(COD)

Shadow reports (1)

REPORT on the proposal for a regulation of the European Parliament and of the Council amending Regulations (EU) No 260/2012 and (EU) 2021/1230 as regards instant credit transfers in euro
2023/07/03
Committee: ECON
Dossiers: 2022/0341(COD)
Documents: PDF(365 KB) DOC(77 KB)
Authors: [{'name': 'Michiel HOOGEVEEN', 'mepid': 218349}]

Amendments (24)

Amendment 22 #
Proposal for a regulation
Recital 6
(6) Ensuring that all PSUs in the Union are able to place payment orders for and receive instant credit transfers in euro is a precondition for an increased uptake of such transactions. Currently, at least one third of PSPs in the Union do not offer instant credit transfers in euro. Moreover, the rate at whichPutting in place the instant payment service would open up a further payment channel for PSPs to offer their PSUs, but the uptake of such transactions should be left to the free competition market to balance service supply and demand in a balanced manner. Therefore, PSPs that offer their PSPUs have been adding instant credit transfers to their services has been, over the last few years, too slow, which hinders further integration of the Union’s internal payments market. Therefore, PSPs should be requireda payment service of sending and receiving credit transfers should also offer all their PSUs a payment service of receiving instant credit transfers. By contrast, these PSPs should be able to choose whether or not to offer thea service of sending and receiving instant credit transfers in euro.
2023/04/21
Committee: ECON
Amendment 27 #
Proposal for a regulation
Recital 8
(8) There is a variety of interfaces through which PSUs can place a payment order for a credit transfer in euro, including via online banking, a mobile application, an automated teller machine, in a branch, or by phone. To ensure that all PSUs have access to instant credit transfers in euro, there should be no difference in terms of theIn order to respect free market rules, the PSPs shall decide freely which PSU interfaces through which PSUs can placeo adapt for the placement of a payment orders for an instant and other types of credit transfer transactions. Moreover, where it is possible for a PSU to submit to a PSP payment orders for credit transfers packaged together, that same possibility should also be made freely available with respect to instant credit transfers in euro. PSPs should be able to offer all credit transfers in euro initiated by their PSUs as instant by default.
2023/04/21
Committee: ECON
Amendment 35 #
Proposal for a regulation
Recital 9
(9) It would not be proportionate to impose on payment institutions and electronic money institutions an obligation to offer the service of sending and receiving instant credit transfers in euro, because those institutions cannot be admitted as participants in a payment system designated in accordance with Directive 98/26/EC of the European Parliament and of the Council36. Those institutions may therefore experience difficulties in accessing the infrastructure necessary to execute instant credit transfers. It is therefore appropriate to exclude payment institutions and electronic money institutions from the obligation to offer the service of sending and receiving instant credit transfers in euroDirective 98/26/EC of the European Parliament and of the Council36 came into effect before the current payment landscape was established. Therefore, this directive needs to be revised as of now, before implementation gets under way. This would ensure greater uptake of instant credit transfers in euro, as it would allow PSPs such as payment institutions and electronic money institutions to be included from the outset within the scope of application of this regulation. __________________ 36 Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems (OJ L 166, 11.6.1998, p. 45).
2023/04/21
Committee: ECON
Amendment 37 #
Proposal for a regulation
Recital 10
(10) PSUs are very sensitive to the level of charges for substitutable payment methods. The level of charges can therefore steer them towards or away from a given payment method. In those national markets where higher transaction-level charges for instant credit transfers in euro compared to charges for other types of credit transfers in euro have been applied, the uptake of instant credit transfers is low. That would suggest that the price difference between charges has prevented the attainment of the critical mass of instant credit transfers in euro that is necessary to realise the full network effects for PSPs and PSUs alike. All types of charges applied to payers and payees for the execution of instant credit transfers in euro, including pHowever, this definitely does not mean that the difference in charges applied is inversely proportional to the uptake of instant credit transfers. Besides, capping charges could push up, rather trhansaction bring down, charges for lump sum charges, should therefore not exceed such charges applied to the same PSU for corresponding types of other credit transfers in euro. When identifying corresponding types of credit transferinstant credit transfers. Any charges applied by a PSP to payers and payees for the sending and receiving of instant credit transfer transactions in euro are freely negotiated by the contracting parties, wit should be possible to use criteria including the PSU interface or the payment instrument used to initiate the payment, customer status and, where relevant, whether the payment is national or cross-bordert prejudice to consumer protection, in order to strike the right balance between supply and demand in a competitive market.
2023/04/21
Committee: ECON
Amendment 38 #
Proposal for a regulation
Recital 10 a (new)
(10a) In order to prevent fraud and other illegal activities, be this of a coercive nature or otherwise, committed through the misuse of instant credit transfers, which cannot be recalled owing to the instantaneous nature of the transaction, PSPs need to allow PSUs the possibility of setting a maximum amount that can be transferred by instant credit transfer. If the instant payment amount were to be equal to or greater than this maximum amount, the transfer would not occur and the PSPs would be obliged to notify the PSU of the attempted instant credit transfer.
2023/04/21
Committee: ECON
Amendment 46 #
Proposal for a regulation
Recital 11
(11) Security of instant credit transfers in euro is fundamental for increasing PSUs’ confidence in such services and ensuring their use. Payers intending to send a credit transfer to a given payee may, as a result of fraud or error, provide a payment account identifier which does not correspond to an account held by that payee. Under Directive (EU) 2015/2366 of the European Parliament and of the Council37, the only determinant of the correct execution of the transaction with respect to the payee is the unique identifier, and PSPs are not required to verify the name of the payee. In the case of instant credit transfers, there is not enough time for the payer to realise the occurrence of a fraud or error and to try to recover the funds before they are credited to the payee’s account. PSPs should therefore verify whether there is any discrepancy between the unique identifier of the payee and the name of the payee provided by the payer, and notify the payer placing a payment order for an instant credit transfer in euro about any such discrepancies detected. To avoid undue frictions or delays in the processing of the transaction instantly, the payer’s PSP should provide such notification within no more than a few seconds from the moment the payer provided the payee information. To allow the payer to decide whether to proceed with the intended transaction, the payer’s PSP should provide such notification before the payer authorises the transaction. In any event, PSPs should not charge PSUs any additional amount for the payment account identification service and should ensure that PSUs can choose whether or not to use that service at the time of each payment order. __________________ 37 Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).
2023/04/21
Committee: ECON
Amendment 64 #
Proposal for a regulation
Recital 13 a (new)
(13a) In some cases, the payment account identifier (the international bank account number or ‘IBAN’) is filled out by payment initiation service providers (PISPs) who have a contractual relationship with the beneficiary merchant and have performed the due diligence in accordance with Directive (EU) 2016/849. Since the payer is not able to amend the account identifier, the risk of fraud or error is significantly reduced, since in practice the PISP does the equivalent of checking the bank account number. Demanding that a service certify that the payment account number (IBAN) and the name of the beneficiary match would be redundant and unnecessary in these circumstances, and it would hence seem appropriate, in this case, to provide for an exemption from the payment account identification service.
2023/04/21
Committee: ECON
Amendment 85 #
Proposal for a regulation
Recital 21
(21) Any processing of personal data in the context of providing instant credit transfers, or the service detecting and notifying discrepancies between the name and payment account identifier of a payee, as well as verifying whether PSUs are listed persons or entities should be in line with the Regulation (EU) 2016/679 of the European Parliament and of the Council39. Processing of the names and the payment account identifiers of natural persons is proportionate and necessary to prevent fraudulent transactions, detect errors and ensure the compliance with restrictive measures adopted in accordance with Article 215 TFEU providing for asset freeze or prohibition of making funds or economic resources available. Express reference should also be made to the competency of the respective national authorities for the protection of personal data with regard to possible infringements of the relevant legislation as well as with regard to the rights of data subjects in accordance with Articles 15 to 22 of Regulation (EU) 2016/679 of the European Parliament and of the Council40. __________________ 39 Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data.
2023/04/21
Committee: ECON
Amendment 99 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Regulation (EU) No 260/2012
Article 5a – paragraph 1 – subparagraph 1
PSPs that offer to their PSUs a payment service of sending and receiving credit transfers shall also offer to all their PSUs a payment service of sending and receivreceiving instant credit transfers. These PSPs shall be able to choose whether or not to offer a service of sending instant credit transfers.
2023/04/21
Committee: ECON
Amendment 117 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Regulation (EU) No 260/2012
Article 5a – paragraph 2 – point (a)
(a) theyPSPs shall ensure that payers are able to place a payment order for an instant credit transfer through the same PSU interfaces as the ones through whichdecide freely which PSU interface to adapt for those payers can placelacement of a payment order for otheran instant credit transfers;
2023/04/21
Committee: ECON
Amendment 127 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Regulation (EU) No 260/2012
Article 5a – paragraph 2 – point (b)
(b) after receiving a payment order for an instant credit transfer, they shall immediately verifyverify, without undue delay, whether all the necessary conditions for processing the payment are met and whether the necessary funds are available, reserve the amount on the account of the payer and instantly send the payment transaction to the payee’s PSP without undue delay;
2023/04/21
Committee: ECON
Amendment 131 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2
(d) after having received an instant credit transfer, they shall immediately, without undue delay and provided the amount does not exceed the maximum transfer amount referred to in paragraph 2a, make the amount of that transaction available on the payee’s payment account.
2023/04/21
Committee: ECON
Amendment 135 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Regulation (EU) No 260/2012
Article 5a – paragraph 2a (new)
(2a) PSPs shall enable PSUs to set a maximum amount that can be transferred by instant credit transfer. If the instant payment amount is equal to or greater than this maximum amount, the transfer shall not take place and the PSPs shall notify the PSU of the attempted instant credit transfer.
2023/04/21
Committee: ECON
Amendment 140 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Regulation (EU) No 260/2012
Article 5 a – paragraph 3
3. When providing instant credit transfers in euro, PSPs shallmay also offer to their PSUs the possibility to submit multiple payment orders as a package if they offer that possibility to their PSUs for other types of credit transfers.
2023/04/21
Committee: ECON
Amendment 154 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Regulation (EU) No 260/2012
Article 5 a – paragraph 4 – subparagraph 1
PSPs as referred to in paragraph 1 that are located in a Member State whose currency is the euro shall offer PSUs the service of receiving instant credit transfers in euro by … [PO please insert the date = 612 months after the date of entry into force of this Regulation], and the service of sending instant credit transfers in euro by … [PO please insert the date = 128 months after the date of entry into force of this Regulation].
2023/04/21
Committee: ECON
Amendment 165 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Regulation (EU) No 260/2012
Article 5 b– paragraph 1
1. Any charges applied by a PSP on payers and payees in respect of sending and receiving instant credit transfer transactions in euro shall not be higher than the charges applied by that PSPbe at the discretion of the parties involved, just as in respect of sending and receiving other, corresponding, credit transfer transactions in euro.
2023/04/21
Committee: ECON
Amendment 173 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Regulation (EU) No 260/2012
Article 5 b – paragraph 2
PSPs located in a Member State whose currency is the euro shall comply with this Article by …[ PO please insert the date = 612 months after the date of entry into force of this Regulation].
2023/04/21
Committee: ECON
Amendment 213 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Regulation (EU) No 260/2012
Article 5 c – paragraph 3 – subparagraph 2 a (new)
PSPs shall not charge PSUs any additional cost for the payment account identification service referred to in paragraph 1, and shall ensure that PSUs can choose whether or not to use that service at the time of each payment order.
2023/04/21
Committee: ECON
Amendment 228 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Regulation (EU) No 260/2012
Article 5 c – paragraph 5 a (new)
5a. The Commission shall, after consulting the ERPB, develop draft regulatory technical standards to specify the technical standards that PSPs use for the payment account identifier verification service and the name of the payee, as referred to in paragraph 1. When developing the draft regulatory technical standards referred to in the first subparagraph, the Commission shall, after consulting the European Data Protection Supervisor, also take into account the need to introduce appropriate security measures to protect the personal data of payers and payees involved in instant payments, as well as compliance with the principles of privacy by design and privacy by default. The Commission shall also, after further consulting the European Data Protection Supervisor, identify the specific competence of the national authorities for the protection of personal data of the Member States with regard to possible infringements of the relevant legislation as well as with regard to the rights of data subjects in accordance with Articles 15 to 22 of Regulation (EU) 2016/679 of the European Parliament and of the Council40. The Commission shall update those regulatory technical standards in the light of regulatory and technological developments. The Commission shall submit the draft regulatory technical standards referred to in the first subparagraph to the Commission by … [6 months at the latest after the date of entry into force of this Regulation]. Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data.
2023/04/21
Committee: ECON
Amendment 231 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Regulation (EU) No 260/2012
Article 5 c – paragraph 5 b
5b. The service referred to in paragraph 1 shall not apply to payments initiated by a payment initiation service provider (PISP) as defined by Directive (EU) 2015/2366 in cases where the payment account identifier and the name of the payee are pre-filled by the PISP.
2023/04/21
Committee: ECON
Amendment 238 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Regulation (EU) No 260/2012
Article 5 c – paragraph 6 – subparagraph 1
PSPs located in a Member State whose currency is the euro shall comply with this Article by …[ PO please insert the date = 128 months after the date of entry into force of this Regulation].
2023/04/21
Committee: ECON
Amendment 264 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Regulation (EU) No 260/2012
Article 5 d– paragraph 4
4. PSPs shall comply with this Article by …[ PO please insert the date = 612 months after the date of entry into force of this Regulation].’
2023/04/21
Committee: ECON
Amendment 269 #
Proposal for a regulation
Article 1 – paragraph 1 – point 3
Regulation (EU) No 260/2012
Article 11 – paragraph 1 a – subparagraph 1
By way of derogation from paragraph 1, Member States shall by … [PO please insert the date = 48 months after the date of entry into force of this Regulation] lay down rules on the penalties applicable to infringements of Articles 5a to 5d and shall take all measures necessary to ensure that they are implemented. Such penalties shall be effective, proportionate and dissuasive.
2023/04/21
Committee: ECON
Amendment 282 #
Proposal for a regulation
Article 2 a (new)
Directive 98/26/EC
Article 2 – letter (b)
Article 2a Amendments to Directive 98/26/EC In Article (2)(b): In Directive 98/26/EC, the following Articles shall be inserted: – electronic money institutions as defined in Article 2(1) of Directive 2009/110/EC; – payment institutions as defined in Article 4(4) of Directive (EU) 2015/2366
2023/04/21
Committee: ECON