2022/0341(COD) Instant payments in euro
Lead committee dossier:
Progress: Procedure completed
| Role | Committee | Rapporteur | Shadows |
|---|---|---|---|
| Lead | ECON |
HOOGEVEEN Michiel ( ECR)
|
GARCÍA-MARGALLO Y MARFIL José Manuel ( EPP),
BELKA Marek ( S&D),
IJABS Ivars ( Renew),
GRUFFAT Claude ( Verts/ALE),
RINALDI Antonio Maria ( ID),
SCHIRDEWAN Martin ( GUE/NGL)
|
| Committee Opinion | IMCO |
Lead committee dossier:
Legal Basis:
TFEU 114
Legal Basis:
TFEU 114Subjects
Events
2024/03/19
Final act published in Official Journal
2024/03/13
CSL - Draft final act
Documents
2024/03/13
CSL - Final act signed
2024/02/26
EP/CSL - Act adopted by Council after Parliament's 1st reading
2024/02/07
EP - Decision by Parliament, 1st reading
Details
The European Parliament adopted by 599 votes to 7, with 35 abstentions, a legislative resolution 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.
Parliament's position adopted at first reading under the ordinary legislative procedure should amend the proposal as follows:
Instant credit transfer transactions
Payment service providers (PSPs) that offer to their payment service user (PSU) a payment service of sending and receiving credit transfers should offer to all of their PSUs a payment service of sending and receiving instant credit transfers. Payment service providers should ensure that all payment accounts that are reachable for credit transfers are also reachable for instant credit transfers 24 hours a day and on any calendar day.
A payment service provider located in a Member State whose currency is not the euro should not be obliged to offer payment service users PSUs the payment service of sending instant credit transfers in euro beyond a limit per transaction, from payment accounts denominated in the national currency of that Member State, during the time when that payment service provider neither sends nor receives non-instant credit transfer transactions in euro with respect to such payment accounts. That limit should be set by the competent authorities and should not be lower than EUR 25 000. Competent authorities may grant prior permission at the request of the payment service provider for a period of one year. At the request of the PSP, competent authorities may extend that prior permission by further periods of one year.
The ECB and any national central bank , when not acting in its capacity as monetary authority or other public authority, may limit its offer of a payment service of sending instant credit transfers to the period of time during which it offers a payment service of sending and receiving non-instant credit transfers.
Whencarrying out instant credit transfers, payment service providers should comply with the following requirements:
- payment service providers should ensure that payers are able to place a payment order for an instant credit transfer through all of the same payment initiation channels as the ones through which those payers are able to place a payment order for other credit transfers;
- immediately after the time of receipt of a payment order for an instant credit transfer, the payer’s payment service provider should verify whether all of the necessary conditions for processing the payment transaction are met and whether the necessary funds are available, reserve or debit the amount of the payment transaction from the account of the payer, and immediately send the payment transaction to the payee’s payment service provider;
- the payee’s payment service provider should, within 10 seconds of the time of receipt of the payment order for an instant credit transfer by the payer’s payment service provider, make the amount of the payment transaction available on the payee’s payment account in the currency in which the payee’s account is denominated and confirm the completion of the payment transaction to the payer’s payment service provider;
- the payee’s payment service provider should ensure that the credit value date for the payee’s payment account is the same date as the date on which the payee’s payment account is credited by the payee’s payment service provider with the amount of the payment transaction;
- where no confirmation of completion is received by the payer’s payment service providers within 10 seconds of the time of receipt of the payment order for an instant credit transfer, the payer’s payment service providers should, free of charge, inform the payer, as well as, where applicable, the payment initiation service provider, whether the amount of the payment transaction has been made available on the payee’s payment account.
Maximum amount of credit transfers
Upon the request of the payment service users, a payment service providers should offer a payment service user the possibility of setting a limit fixing a maximum amount that can be sent by means of instant credit transfer. That limit may be either on a per day or per transaction basis, at the sole discretion of the payment service user. Payment service providers should ensure that PSUs are able to modify that maximum amount at any time prior to the placing of a payment order for an instant credit transfer.
Charges in respect of credit transfers and verification of the payee
Any charges levied by a payment service providers on payers and payees in respect of sending and receiving instant credit transfers should not be higher than the charges levied by that payment service provider in respect of sending and receiving other credit transfers of corresponding type.
Verification of the payee in the case of credit transfers
Payment service providers should have in place robust and up-to-date fraud detection and prevention measures, to avoid credit transfers going into the wrong account due to fraud or error. To this end, payment service providers operating in the EU should immediately, and without any additional charges or fees, provide a service to verify the identity of the recipient.
If a payment service provider does not fulfil its fraud prevention duties and this results in financial damage, a client may demand to be compensated by the service provider, according to the new rules.
Payment service providers offering instant credit transfers should also verify whether any of their clients are subject to sanctions or other restrictive measures related to money laundering and terrorist financing.
Report
The Commission should submit a report to the European Parliament and to the Council evaluating the development of charges for payment accounts as well as for national and cross-border credit transfers and instant credit transfers in euro and in other currencies since the date of the adoption of the Commission’s legislative proposal for this amending Regulation, in other words 26 October 2022, in order to monitor any effects of this amending Regulation on the pricing of accounts, non-instant credit transfers and instant credit transfers.
Documents
2024/02/05
EP - Debate in Parliament
Documents
2023/12/11
EP - Approval in committee of the text agreed at 1st reading interinstitutional negotiations
Documents
2023/11/29
CSL - Coreper letter confirming interinstitutional agreement
Documents
2023/11/29
EP - Text agreed during interinstitutional negotiations
Documents
2023/07/12
EP - Committee decision to enter into interinstitutional negotiations confirmed by plenary (Rule 71)
2023/07/10
EP - Committee decision to enter into interinstitutional negotiations announced in plenary (Rule 71)
2023/07/03
EP - Committee report tabled for plenary, 1st reading
Details
The Committee on Economic and Monetary Affairs adopted the report by Michiel HOOGEVEEN (ECR, NL) 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.
The committee responsible recommended that the European Parliament's position adopted at first reading under the ordinary legislative procedure should amend the proposal as follows:
Instant credit transfer transactions
The amended text stated that payment service providers that offer to their payments services users a payment service of sending and receiving credit transfers will offer to all their payment services users a payment service of sending and receiving instant credit transfers.
The ECB and national central banks, when not acting in their capacity as monetary authorities or other public authorities, may limit their offer to payment services users of a payment service of sending instant credit transfers in euro to the period of time during which they receive and send non-instant credit transfers in euro.
Where a payment order for an instant credit transfer in euro is submitted from a payment account that is not denominated in euro, the time of receipt will be the moment when the payment service providers, immediately upon receiving that payment order, converts the amount of transaction from the currency in which the payment account is denominated into euro.
Charges in respect of instant credit transfers
The report stated that any charges applied by a payment service provider on payers and payees in respect of sending and receiving instant credit transfer transactions in euro will not be higher than the charges applied by that payment service provider in respect of sending and receiving other, corresponding, credit transfer transactions in euro.
Payment service providers will not increase, directly or indirectly, their charges in respect of sending and receiving other, corresponding, credit transfer transactions in euro. Competent authorities may, where they suspect that a payment service provider is engaged in a circumvention practice, request from that payment service provider any information they deem necessary to determine whether that payment service provider has engaged in such practice and will take all necessary measures to ensure compliance by that payment service provider.
EBA will submit a report to the European Parliament, to the Council and to the Commission, by four years after the date of entry into force of this amending Regulation, on the impact of the application on the pricing of credit transfers and instant credit transfers. The Commission will consider the results of that report and shall submit, where appropriate, a legislative proposal to the European Parliament and to the Council.
Verification of a payee in the case of credit transfers
Regarding regular and instant credit transfers, Members proposed that a payer’s payment service provider will verify whether the payment account identifier and the name of the payee provided by the payer match. Such verification will be provided free of charge to payment services users and regardless of the payment services user interface used by the payer to place a payment order for an instant credit transfer. The payer’s payment service provider will immediately notify the payer of any discrepancies detected and the degree of match .
Screening of payments services users with regard to Union sanctions in case of instant credit transfers
Payment service providers offering instant credit transfers will verify whether any of their payment services users are listed persons or entities. It is proposed that the EBA and AMLA prepare a joint report on potential methods for enabling payment service providers that execute instant credit transfers to verify whether any of their payment services users are persons or entities designated on EU lists or national lists of Member States. Such methods may include the development of a single list aggregating persons and entities designated on Union and national lists.
Documents
2023/06/28
EP - Vote in committee, 1st reading
2023/06/28
EP - Committee decision to open interinstitutional negotiations with report adopted in committee
2023/05/22
IT_SENATE - Contribution
Documents
2023/04/21
EP - Amendments tabled in committee
Documents
2023/03/02
EP - Committee draft report
Documents
2023/02/22
ESC - Economic and Social Committee: opinion, report
Documents
2023/02/01
ECB - European Central Bank: opinion, guideline, report
Documents
2022/12/19
EDPS - Document attached to the procedure
Documents
2022/12/05
EP - HOOGEVEEN Michiel (ECR) appointed as rapporteur in ECON
2022/11/21
EP - Committee referral announced in Parliament, 1st reading
2022/10/27
EC - Document attached to the procedure
Documents
2022/10/27
EC - Document attached to the procedure
Documents
2022/10/27
EC - Document attached to the procedure
Documents
2022/10/26
EC - Legislative proposal published
Details
PURPOSE: to establish at EU level the necessary uniform rules for cross-border instant credit transfers in euro and to increase the overall use of instant transfers in euro.
PROPOSED ACT: Regulation of the European Parliament and of the Council.
ROLE OF THE EUROPEAN PARLIAMENT: the European Parliament decides in accordance with the ordinary legislative procedure and on an equal footing with the Council.
BACKGROUND: instant payments (IPs) are a form of credit transfer whereby funds pass from the payer’s account to the payee’s in a matter of seconds, at any time, day or night, and any day of the year. This distinguishes IPs from other credit transfers, which are processed by payment service providers (PSPs) only during business hours, with the funds credited to the payee only by the end of the following business day.
Universal availability of euro IPs is a necessary part of updating and modernising the Single Euro Payments Area (SEPA). SEPA allows European consumers, businesses and public administrations to make and receive cross-border payments in euro as easily as domestic payments and enables the public to use their existing payment accounts in their home Member State to receive their salary or pay bills between different Member States.
In the EU, the architecture for instant payments in euro already exists. It comprises several payment systems offering instant settlement, and the Single Euro Payments Area (SEPA) instant credit transfer scheme (SCT Inst. Scheme) launched in November 2017 by the European Payments Council (EPC).
The significant potential benefits of IPs to consumers and businesses in the EU are however impeded by the slow rollout and low uptake of IPs. At the end of 2021, only 11% of euro credit transfers sent in the EU were instant payments.
Legislative intervention is therefore needed to develop euro instant payments across the EU and unlock their benefits for EU citizens and businesses, in particular SMEs.
CONTENT: this proposal aims to amend the Single Euro Payments Area (SEPA) Regulation of 2012, which already contains general provisions for all euro credit transfers (SEPA), by adding specific provisions for instant euro payments (SEPA).
In concrete terms, the proposal provides for:
- a requirement for PSPs providing a regular euro credit transfer service (with targeted exclusions) to offer sending and receiving of IPs in euro;
- a requirement for PSPs not to charge more for IPs in euro than for regular credit transfers in euro;
- a requirement for sanctions screening in the form of very frequent checking of clients against EU sanctions lists (as is already done in certain Member States for domestic payments), rather than for each individual transaction;
- a requirement for PSPs to offer a service enabling customers to be notified when a mismatch is detected between the payee’s name and international bank account number (IBAN), as supplied by the payer.
The obligations set out in the proposal will be introduced in stages, allowing payment service providers to spread their internal resources over a longer period and thus optimise their implementation costs.
Documents
Documents
- Draft final act: 00076/2023/LEX
- Decision by Parliament, 1st reading: T9-0065/2024
- Debate in Parliament: Debate in Parliament
- Approval in committee of the text agreed at 1st reading interinstitutional negotiations: PE757.151
- Approval in committee of the text agreed at 1st reading interinstitutional negotiations: GEDA/A/(2023)006763
- Coreper letter confirming interinstitutional agreement: GEDA/A/(2023)006763
- Text agreed during interinstitutional negotiations: PE757.151
- Committee report tabled for plenary, 1st reading: A9-0230/2023
- Contribution: COM(2022)0546
- Amendments tabled in committee: PE746.795
- Committee draft report: PE742.661
- Economic and Social Committee: opinion, report: CES5312/2022
- European Central Bank: opinion, guideline, report: CON/2023/0004
- European Central Bank: opinion, guideline, report: OJ C 106 22.03.2023, p. 0002
- Document attached to the procedure: OJ C 060 17.02.2023, p. 0012
- Document attached to the procedure: N9-0011/2023
- Document attached to the procedure: EUR-Lex
- Document attached to the procedure: SEC(2022)0546
- Document attached to the procedure: EUR-Lex
- Document attached to the procedure: SWD(2022)0546
- Document attached to the procedure: EUR-Lex
- Document attached to the procedure: SWD(2022)0547
- Legislative proposal published: COM(2022)0546
- Legislative proposal published: EUR-Lex
- Document attached to the procedure: EUR-Lex SEC(2022)0546
- Document attached to the procedure: EUR-Lex SWD(2022)0546
- Document attached to the procedure: EUR-Lex SWD(2022)0547
- Document attached to the procedure: OJ C 060 17.02.2023, p. 0012 N9-0011/2023
- European Central Bank: opinion, guideline, report: CON/2023/0004 OJ C 106 22.03.2023, p. 0002
- Economic and Social Committee: opinion, report: CES5312/2022
- Committee draft report: PE742.661
- Amendments tabled in committee: PE746.795
- Coreper letter confirming interinstitutional agreement: GEDA/A/(2023)006763
- Text agreed during interinstitutional negotiations: PE757.151
- Draft final act: 00076/2023/LEX
- Contribution: COM(2022)0546
Activities
- Katarina BARLEY
Plenary Speeches (2)
- 2024/02/05 Instant payments in euro (debate)
- 2024/02/05 Instant payments in euro (debate)
- Michiel HOOGEVEEN
Plenary Speeches (2)
- 2024/02/05 Instant payments in euro (debate)
- 2024/02/05 Instant payments in euro (debate)
- Jonás FERNÁNDEZ
Plenary Speeches (1)
- 2024/02/05 Instant payments in euro (debate)
- Markus FERBER
Plenary Speeches (1)
- 2024/02/05 Instant payments in euro (debate)
- Maria GRAPINI
Plenary Speeches (1)
- 2024/02/05 Instant payments in euro (debate)
- France JAMET
Plenary Speeches (1)
- 2024/02/05 Instant payments in euro (debate)
- Seán KELLY
Plenary Speeches (1)
- 2024/02/05 Instant payments in euro (debate)
- Katarína ROTH NEVEĎALOVÁ
Plenary Speeches (1)
- 2024/02/05 Instant payments in euro (debate)
- Mislav KOLAKUŠIĆ
Plenary Speeches (1)
- 2024/02/05 Instant payments in euro (debate)
- Mick WALLACE
Plenary Speeches (1)
- 2024/02/05 Instant payments in euro (debate)
- Eero HEINÄLUOMA
Plenary Speeches (1)
- 2024/02/05 Instant payments in euro (debate)
- Lídia PEREIRA
Plenary Speeches (1)
- 2024/02/05 Instant payments in euro (debate)
- Eugen JURZYCA
Plenary Speeches (1)
- 2024/02/05 Instant payments in euro (debate)
- Andżelika Anna MOŻDŻANOWSKA
Plenary Speeches (1)
- 2024/02/05 Instant payments in euro (debate)
- Marek BELKA
Plenary Speeches (1)
- 2024/02/05 Instant payments in euro (debate)
- Stéphanie YON-COURTIN
Plenary Speeches (1)
- 2024/02/05 Instant payments in euro (debate)
- Claude GRUFFAT
Plenary Speeches (1)
- 2024/02/05 Instant payments in euro (debate)
- Chris MACMANUS
Plenary Speeches (1)
- Francesca PEPPUCCI
Plenary Speeches (1)
- 2024/02/05 Instant payments in euro (debate)
- Martine KEMP
Plenary Speeches (1)
- 2024/02/05 Instant payments in euro (debate)
Votes
Instant payments in euro – A9-0230/2023 – Michiel Hoogeveen – Provisional agreement – Am 2 #
2024/02/07 Outcome: +: 599, 0: 35, -: 7
PPE
NI
The Left| Amendments | Dossier |
| 273 |
2022/0341(COD)
2023/04/21
ECON
273 amendments...
Amendment 100 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5a – paragraph 1 – subparagraph 1 PSPs located in a Member State whose currency is the euro that offer to their PSUs a payment service of sending and receiving credit transfers through remote channels shall offer to
Amendment 101 #
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 to and from accounts denominated in euro shall offer to all their PSUs a payment service of sending and receiving instant credit transfers to and from accounts denominated in euro.
Amendment 102 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5a – paragraph 1 – subparagraph 1 PSPs that offer
Amendment 103 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 PSPs that offer to their PSUs a payment service of sending and receiving credit transfers shall offer to all their PSUs, upon their request, a payment service of sending and receiving instant credit transfers, through an online channel.
Amendment 104 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5a – paragraph 1 – subparagraph 1 PSPs in Member State whose currency is the euro that offer to their PSUs a payment service of sending and receiving credit transfers shall offer to all their PSUs a payment service of sending and receiving instant credit transfers.
Amendment 105 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 PSPs that offer to their PSUs a payment service of sending and receiving credit transfers to and from accounts denominated in euro shall offer to all their PSUs a payment service of sending and receiving instant credit transfers.
Amendment 106 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5a – paragraph 1 – subparagraph 1 PSPs in all Member States that offer to their PSUs a payment service of sending and receiving credit transfers shall offer to all their PSUs a payment service of sending and receiving instant credit transfers.
Amendment 107 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5a – paragraph 1 – subparagraph 2 Amendment 108 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5a – paragraph 1 – subparagraph 2 However, this paragraph shall not apply to electronic money institutions as defined in Article 2, point (1), of Directive 2009/110/EC and payment institutions as defined in Article 4, point (4), of Directive (EU) 2015/2366. The ECB and national central banks, when not acting in their capacity as monetary authorities or other public authorities, may limit the offering of a payment service of sending and receiving instant credit transfers in euro to their PSUs to the period of time during which they receive and send non-instant credit transfer transactions in euro.
Amendment 109 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5a – paragraph 1 – subparagraph 2 However, this paragraph shall not apply to electronic money institutions as defined in Article 2, point (1), of Directive 2009/110/EC and payment institutions as defined in Article 4, point (4), of Directive (EU) 2015/2366 as long as they cannot be participants in a payment system designated in accordance with Directive 98/26/EC.
Amendment 110 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) 260/2012 Article 5a – paragraph 1 – subparagraph 2 However, this paragraph shall not apply to electronic money institutions as defined in Article 2, point (1), of Directive 2009/110/EC and payment institutions as defined in Article 4, point (4), of Directive (EU) 2015/2366 and to niche PSPs players as defined by National Competent Authorities.
Amendment 111 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5a – paragraph 1 – subparagraph 2 However, this paragraph shall not apply to electronic money institutions as defined in Article 2, point (1), of Directive 2009/110/EC and payment institutions as defined in Article 4, point (4), of Directive (EU) 2015/2366 and to niche PSPs as recognised by National Competent Authorities.
Amendment 112 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 The ECB and national central banks, when not acting in their capacity as monetary authorities or other public authorities, may limit the offering of a payment service of sending and receiving instant credit transfers in euro to their PSUs to the period of time during which they receive and send non-instant credit transfer transactions in euro.
Amendment 113 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) 260/2012 Article 5a – paragraph 1 – subparagraph 2a (new) By way of derogation from the first subparagraph, PSPs may limit the offering of instant credit transfers due to risk assessment reason (including fraud suspicion) and to comply with other regulatory provisions.
Amendment 114 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 (1a) By way of derogation from the first paragraph, PSPs are allowed to extend the execution time of instant credit transfers by the time necessary for the currency-conversion with regard instant credit transfers to and from payment accounts denominated in a currency other than euro.
Amendment 115 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5a – paragraph 1a (new) (1a) PSPs shall be permitted to extend the execution time of instant credit transfers by the time necessary for currency-conversion with regards to instant credit transfers to and from payment accounts denominated in a currency other than euro.
Amendment 116 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5a – paragraph 1a (new) (1a) By way of derogation from the first paragraph, PSPs shall only be obliged to offer a payment service of sending and receiving instant credit transfers in euro to and from accounts denominated in a currency other than euro during the time when the PSPs receive and send credit transfer transactions in euro other than instant credit transfers to or from such accounts.
Amendment 117 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5a – paragraph 2 – point (a) (a)
Amendment 118 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 (a) they shall ensure that payers are able to place a payment order for an instant credit transfer through the
Amendment 119 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5a – paragraph 2 – point (a) (a) they shall ensure that payers are able to place a payment order for an instant credit transfer
Amendment 120 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5a – paragraph 2 – point a (a) they shall ensure that payers are able to place a payment order for an instant
Amendment 121 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5a – paragraph 2 – point a (a) they shall ensure that payers are able to place a payment order for an instant credit transfer through all the same PSU interfaces as the ones through which those payers can place a payment order for other credit transfers;
Amendment 122 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5a – paragraph 2 – point a (a) they shall ensure that payers are able to place a payment order for an instant credit transfer through
Amendment 123 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5a – paragraph 2 – point a (a) the
Amendment 124 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5a – paragraph 2 – point (aa) (aa) Notwithstanding point (a), PSPs may decide to allow payers to place instant payment orders through other PSU interfaces referred to in Article 2, paragraph 1b.
Amendment 125 #
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 verify 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
Amendment 126 #
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 verify 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; and provide, within 10 seconds from the time of receipt, their PSU, as well as, where applicable, the payment initiation service provider intermediary involved, with confirmation of an executed or rejected instant credit transfer free of charge;
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
Amendment 128 #
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, the
Amendment 129 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5a – paragraph 2 – point c (c) they shall ensure that all payment accounts th
Amendment 130 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5a – paragraph 2 – point c (c) they shall ensure that all payment accounts th
Amendment 131 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 (d) after having received an instant credit transfer, they shall
Amendment 132 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5 a – paragraph 2 – point d (d) after having received an instant credit transfer, the
Amendment 133 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5a – paragraph 2 – point d a (new) (d a) the payer’s PSP shall inform the payer as well as any intermediary involved within 10 seconds from the time of receipt and free of charge whether the amount transferred has been credited to the payee’s payment account or not.
Amendment 134 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5a – paragraph 2 a (new) (2a) No liability shall arise under paragraph 2 in cases of extremely exceptional and unforeseeable circumstances beyond the control of the PSP or where the PSP is bound by other legal obligations covered by other relevant laws.
Amendment 135 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5a – paragraph 2a (new) Amendment 136 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5a – paragraph 2 a (new) (2a) By way of derogation from paragraph 2, no liability shall arise in cases of abnormal and unforeseeable circumstances beyond the control of the PSP, the consequences of which would have been unavoidable despite all efforts to the contrary, or where the PSP is bound by other legal obligations covered by other relevant laws.
Amendment 137 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5a – paragraph 3 Amendment 138 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5a – paragraph 3 Amendment 139 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5a – paragraph 3 3. When providing instant credit transfers in euro, PSPs shall offer to their PSUs the possibility to submit multiple payment orders as a package, without limit, if they offer that possibility to their PSUs for other types of credit transfers.
Amendment 14 #
Proposal for a regulation Title 1 Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL amending Regulations (EU) No 260/2012 and (EU) 2021/1230 as well as Directive 98/26/EC as regards instant credit transfers in euro (Text with EEA relevance)
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
Amendment 141 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5a – paragraph 3 3. When providing instant credit transfers in euro, PSPs shall offer to their PSUs the possibility to submit
Amendment 142 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 When a multiple payment orders package has been placed by the PSU, the payer’s PSP shall start to convert that package into individual transactions as soon as possible. The time of receipt of an individual payment order belonging to that package shall be the moment when the payer’s PSP sends the ensuing payment transaction to the payee’s PSP.
Amendment 143 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5a – paragraph 3 – subparagraph 1a (new) The time of receipt of a multiple payment order shall be the time a multiple payment order package has been converted to individual transactions by the payer's PSP and has been transmitted to the payee's PSP. This shall be done as soon as possible after such an order has been submitted to the payer's PSP.
Amendment 144 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5a – paragraph 3 a (new) (3a) In case of paper-based payment orders for instant credit transfers, the time of receipt shall be the moment where the payer's PSP has transposed the transfer information into its internal system. This shall be done as soon as possible after such order has been submitted to the payer's PSP.
Amendment 145 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5a – paragraph 3 a (new) Amendment 146 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5a – paragraph 3a (new) (3a) PSPs shall ensure that the technical solutions and software supporting the processing of instant payments are designed taking into account the ‘energy efficiency first’ principle as defined in point (18) of Article 2 of Regulation (EU) 2018/1999
Amendment 147 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 1 – 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
Amendment 148 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5a – paragraph 4 – subparagraph 1 PSPs as referred to in paragraph 1
Amendment 149 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 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 =
Amendment 15 #
Proposal for a regulation Title 1 Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL amending Regulations (EU) No 260/2012 and (EU) 2021/1230 and Directive 98/26/EC as regards instant credit transfers in euro (Text with EEA relevance)
Amendment 150 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5a – 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 =
Amendment 151 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5a – 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 =
Amendment 152 #
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 =
Amendment 153 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5a – 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 =
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 =
Amendment 155 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5a – 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 =
Amendment 156 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5a – 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 = 6 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 =
Amendment 157 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5a – paragraph 4 – subparagraph 2 Amendment 158 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5 a – paragraph 4 – subparagraph 2 PSPs as referred to in paragraph 1 that are located in a Member State whose currency is
Amendment 159 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5a – paragraph 4 – subparagraph 2 PSPs as referred to in paragraph 1 located in a Member State whose currency is not the euro shall offer PSUs the service of receiving instant credit transfers in euro by …[ PO please insert the date =
Amendment 16 #
Proposal for a regulation Recital 3 (3) Regulation (EU) No 260/2012 established technical and business requirements for credit transfers and direct debits in euro. Instant credit transfers in euro are a relatively new category of credit transfers in euro which emerged on the market only after the adoption of that Regulation. It is therefore necessary to provide for specific requirements for instant credit transfers in euro, in addition to the general requirements applicable to all credit transfers. In that context - to make instant payments more accessible - the Directive 2014/92/EU of the European Parliament and of the Council is also amended through this Regulation to ensure that instant payments are also available as basic features in a payment account.
Amendment 160 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 PSPs as referred to in paragraph 1 located in a Member State whose currency is not
Amendment 161 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5 a – paragraph 4 a (new) (4a) In order to combat the perpetration of illegal acts, such as fraud, swindling and money laundering, PSPs should provide for the introduction of a cap on transfers by instant bank transfer, based on risk assessments. It shall not, in any event, be possible to make instant transfers in cases where a PSU wishes to carry out one or more transactions to the same beneficiary, within a period of 72 hours, for a total amount exceeding EUR 10 000. Article 5a (5) shall not apply in cases of inter-company transfers.
Amendment 162 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 (4a) For the purpose of ensuring compliance with Directive (EU) 2015/849 (replace with the reference to the future AML regulation once adopted) and preventing financial crime, the obligation to perform instant credit transfers under the present Regulation shall not be required for any transactions and situations involving potential higher risk factors activities cases where enhanced due diligence is required under Article 18 of Directive (EU) 2015/849.Transactions falling under factors and activities listed under Annex III of Directive (EU) 2015/849 shall be exempted from the obligation to send and receive instant credit transfers.
Amendment 163 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5a – paragraph 4a (new) (4a) In the event of any future amendments to the definition of ‘participant’ referred to in point (f) of Article 2 of Directive 98/26/EC of the European Parliament and of the Council resulting in the inclusion in that definition of PSPs referred to in the second subparagraph of the first paragraph of this article, the Commission shall be empowered to adopt a delegated act in accordance with Article 14a to amend that subparagraph accordingly.
Amendment 164 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) 260/2012 Article 5b – paragraph 1 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
Amendment 166 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5b – paragraph 1 1a. This provision does not extend to value-added ancillary services, when they are provided by PSP´s with a clear independent pricing for their use by the PSU.
Amendment 167 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5b – paragraph 1 1b. In 4 years after the entry in force of this legislation, EBA must conduct a study on the impact of this provision in the prices of both instant and regular payments; the Commission must consider the results of such study in possible future revisions of this legislation.
Amendment 168 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5b – paragraph 2 Amendment 169 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5b – paragraph 2 – subparagraph 1 PSPs
Amendment 17 #
Proposal for a regulation Recital 3 (3) Regulation (EU) No 260/2012 established technical and business requirements for credit transfers and direct debits in euro. Instant credit transfers in euro are a relatively new category of credit transfers in euro which emerged on the market only after the adoption of that Regulation. It is therefore necessary to provide for specific requirements for instant credit transfers in euro, in addition to the general requirements applicable to
Amendment 170 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 1 – paragraph 2 – subparagraph 2 PSPs located in a Member State whose currency is the euro shall comply with this Article by …[ PO please insert the date =
Amendment 171 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 PSPs located in a Member State whose currency is the euro shall comply with this Article by …[ PO please insert the date =
Amendment 172 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 PSPs located in a Member State whose currency is the euro shall comply with this Article by …[ PO please insert the date =
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 =
Amendment 174 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5 c PSPs located in a Member State whose currency is the euro shall comply with this Article by …[ PO please insert the date =
Amendment 175 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5b – paragraph 2 – subparagraph 2 Amendment 176 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5 b – paragraph 2 – subparagraph 2 PSPs located in a Member State whose currency is not the euro shall comply with this Article by …[ PO please insert the date = 3
Amendment 177 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5b – paragraph 2 – subparagraph 2 PSPs located in a Member State whose currency is not the euro shall comply with this Article by …[ PO please insert the date =
Amendment 178 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 PSPs located in a Member State whose currency is not the euro shall comply with this Article by …[ PO please insert the date = 3
Amendment 179 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 PSPs located in
Amendment 18 #
Proposal for a regulation Recital 4 (4) A number of national regulatory solutions have already been adopted or proposed to increase the uptake of instant credit transfers in euro, including by strengthening PSUs’ protection from sending funds to an unintended payee or specifying the process of compliance with obligations flowing from Union sanctions. The differences in those national regulatory solutions pose a risk of fragmentation of the internal market, thus increasing the compliance costs due to different sets of national regulatory requirements, and making the execution of cross-border instant credit transfers more difficult. Uniform rules for cross-border instant credit transfers should therefore be introduced to prevent such obstacles.
Amendment 180 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5c (new) – Title Amendment 181 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5c – title Amendment 182 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Amendment 183 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5c – Title Discrepancies between the name and payment account identifier of a payee in case of regular and instant credit transfers
Amendment 184 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5c – Title Discrepancies between the name and payment account identifier of a payee in case of
Amendment 185 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5c – paragraph 1 – subparagraph 1 With regard to
Amendment 186 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5c – paragraph 1 – subparagraph 1 With regard to instant credit transfers,
Amendment 187 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5c – paragraph 1 – subparagraph 1 With regard to instant credit transfers, a payer’s PSP shall verify, free of charge to PSUs, whether the payment account identifier and the name of the payee provided by the payer match. Where they do not match, that PSP shall notify the payer of any discrepancies detected and the degree of such discrepancy
Amendment 188 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5c – paragraph 1 With regard to regular and instant credit transfers,
Amendment 189 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5c – paragraph 1 – subparagraph 1 With regard to instant credit transfers, a payer’s PSP shall request a payee’s PSP to verify whether the payment account identifier and the name of the payee provided by the payer match. A payee's PSP shall confirm to the payer’s PSP whether the name and IBAN match. Where they do not match, th
Amendment 19 #
Proposal for a regulation Recital 4 (4) A number of national regulatory solutions have already been adopted or proposed to increase the uptake of instant credit transfers in euro, including by strengthening PSUs’ protection from sending funds to an unintended payee or specifying the process of compliance with obligations flowing from Union, EU Member States, United Nations and United States of America sanctions. Those national regulatory solutions pose a risk of fragmentation of the internal market, thus increasing the compliance costs due to different sets of national regulatory requirements, and making the execution of cross-border instant credit transfers more difficult.
Amendment 190 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5c – paragraph 1 – subparagraph 1 With regard to instant credit transfers, a payer’s PSP shall
Amendment 191 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5c – paragraph 1 – subparagraph 1 Amendment 192 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) 260/2012 Article 5c – paragraph 1 – subparagraph 1 With regard to instant credit transfers, a payer’s PSP shall verify free of charge to PSUs by means of an IBAN-Name Check whether the payment account identifier and the name of the payee provided by the payer match. Where they do not match, that PSP shall notify the payer of any discrepancies detected and the degree of any such discrepancy.
Amendment 193 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5c – paragraph 1 – subparagraph 1 With regard to instant credit transfers, a payer’s PSP shall verify free of charge to PSUs whether the payment account identifier and the name of the payee provided by the payer match. Where they do not match, that PSP shall notify the payer of any discrepancies detected and the degree of any such discrepancy.
Amendment 194 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5c – paragraph 1 – subparagraph 1 With regard to instant credit transfers, a payer’s PSP shall
Amendment 195 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5c – paragraph 1 – subparagraph 1a (new) When the identifier is provided, on behalf of the payer, by the PSP or any third party, the verification process may be adapted to the PSU interface used by the payer in order to enable an effective use of the IP. In this case, the payer shall be able to validate the identity of the payee before authorising the instant credit transfer.
Amendment 196 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5c (new) – paragraph 1 – subparagraph 2 Amendment 197 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) 260/2012 Article 5c – paragraph 1 – subparagraph 2 PSPs shall provide that service immediately after the payer provided to its PSP the payment account identifier of the payee and the name of the payee, and before the payer is offered the possibility to authorise the instant credit transfer. With regard to instant credit transfers with trusted beneficiaries, as referred to in Article 13 of Commission Delegated Regulation (EU) 2018/389 of 27 November 2017 supplementing Directive (EU) 2015/2366 of the European Parliament and of the Council with regard to regulatory technical standards for strong customer authentication and common and secure open standards of communication, PSPs shall be exempted from the verification.
Amendment 198 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 PSPs shall provide that service
Amendment 199 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5c – paragraph 1 – subparagraph 2 PSPs shall provide that service
Amendment 20 #
Proposal for a regulation Recital 4 (4) A number of national regulatory solutions have already been adopted or proposed to increase the uptake of instant credit transfers in euro, including by strengthening PSUs’ protection from sending funds to an unintended payee or specifying the process of compliance with obligations flowing from Union sanctions.
Amendment 200 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5c – paragraph 1 – subparagraph 2 PSPs shall provide that service immediately after the payer provided to its PSP the payment account identifier of the payee and the name of the payee, and before the payer is offered the possibility to
Amendment 201 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5c – paragraph 1 – subparagraph 2 PSPs shall provide that service immediately after the payer provided to its PSP the payment account identifier of the payee and the name of the payee, and before the payer is offered the possibility to authorise the
Amendment 202 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5c – paragraph 2 Amendment 203 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) 260/2012 Article 5c – paragraph 2 2. PSPs shall ensure that the detection and notification of a discrepancy as referred to in paragraph 1 does not prevent payers from authorising the instant credit transfer concerned. In this case, if the instant credit transfer is authorized by the PSU, PSPs should not be held liable for the execution of the transaction to an unintended payee, as laid down in article 88 of Directive (EU) 2015/2366.
Amendment 204 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5c – paragraph 2 2. PSPs shall ensure that the detection and notification of a discrepancy as referred to in paragraph 1 does not prevent payers from authorising the
Amendment 205 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5c – paragraph 2 2. PSPs shall ensure that the detection and notification of a discrepancy as referred to in paragraph 1 does not prevent payers from authorising the
Amendment 206 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) 260/2012 Article 5c – paragraph 2a (new) 2a. Where the payee’s PSP does not comply with its obligation under paragraph 1 or fails to provide accurate information regarding the matching of the payment account identifier with the name of the payee provided by the payer, it shall refund any financial damage caused to the payer. If this occurs due to any failure of the payer’s PSP, the payer’s PSP shall refund the financial damage caused to the payer.
Amendment 207 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5c – paragraph 3 Amendment 208 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5c – paragraph 3 Amendment 209 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5c – paragraph 3 Amendment 21 #
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 which PSPs 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, undermining the creation of a strategic autonomy of the EU in the payments sector. Therefore, PSPs should be required to offer the service of sending and receiving instant credit transfers in euro.
Amendment 210 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Amendment 211 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) 260/2012 Article 5c – paragraph 3 – subparagraph 1 PSPs shall ensure that
Amendment 212 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5c – paragraph 3 – subparagraph 2 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.
Amendment 214 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5c – paragraph 4 Amendment 215 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5c – paragraph 4 4. PSPs shall inform their PSUs that authorising a transaction despite a
Amendment 216 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5c – paragraph 4 4. PSPs shall inform their PSUs that authorising a transaction despite a detected and notified discrepancy
Amendment 217 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5c – paragraph 4 4. PSPs shall inform their PSUs that authorising a transaction despite a detected and notified discrepancy
Amendment 218 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5c – paragraph 4a (new) (4 a) Where the payer’s PSP fails to provide accurate information to the payer in accordance with paragraph 1, it shall compensate any financial damage caused to the payer. Where such failure occurs due to the fact that the payee’s PSP has not provided accurate information regarding the payment account identifier and the name of the payee, the payee’s PSP shall compensate the financial damage caused to the payer’s PSP.
Amendment 219 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5c – paragraph 4a (new) (4a) Where the payer’s PSP fails to provide accurate information to the payer in accordance with paragraph 1, it shall compensate any financial loss incurred by the payer. Where such failure occurs due to the fact that the payee’s PSP has not provided accurate information regarding the payment account identifier and the name of the payee, the payee’s PSP shall compensate any financial loss incurred by the payer’s PSP.
Amendment 22 #
Proposal for a regulation Recital 6 (6)
Amendment 220 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5c – paragraph 5 Amendment 221 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5c – paragraph 5 5. The service referred to in paragraph 1 shall be provided to the payer regardless of the PSU interface used by the payer to place a payment order for an instant credit transfer. Where a PSP provides a PSU interface that does not require the payer to insert an account identifier specified in point (1)(a) of the Annex or a name, the PSP shall ensure that the payee designated by the payer is properly identified. Such PSP shall maintain robust internal procedures to ensure payees’ identification. Each Member State shall designate one or more national competent authorities with the power to investigate the robustness of these internal procedures. Member State may assign this role to an existing authority or authorities.
Amendment 222 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5c – paragraph 5 – subparagraph 1a (new) This check of a match between the unique identifier of the payee and the name of the payee can be avoided if it had been already conducted within the last three months and the payee is saved amongst the trusted beneficiaries of the payer.
Amendment 223 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) 260/2012 Article 5c – paragraph 5 5. The service referred to in paragraph 1 shall be provided to the payer
Amendment 224 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 5. The services referred to in paragraphs 1 and 2 shall be provided to the payer regardless of the PSU interface used by the payer to place a payment order for an instant credit transfer.
Amendment 225 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5c – paragraph 5 5. The service referred to in paragraph 1 shall be provided to the payer regardless of the PSU online interfaces used by the payer to place a payment order for an instant credit transfer.
Amendment 226 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5c – paragraph 5 5. The service referred to in paragraph 1 shall be provided to the payer
Amendment 227 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5c – paragraph 5 5. The service referred to in paragraph 1 shall be provided to the payer regardless of the PSU interface used by the payer to place a payment order for a
Amendment 228 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5 c – paragraph 5 a (new) Amendment 229 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 (5a) Any charges applied by a PSP on payers and payees in respect of verifying the discrepancy between the name and payment account identifier of a payee as referred in the paragraph 1 shall be included in the charges referred in the Article 5b paragraph 1.
Amendment 23 #
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 which PSPs 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 required to offer the service of sending and receiving instant credit transfers in euro, at the least via digital channels.
Amendment 230 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) 260/2012 Article 5c – paragraph 5a (new) (5a) PSPs may charge a fee for the use of the service referred to in paragraph 1.
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.
Amendment 232 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5 c – paragraph 6 – subparagraph 1 Amendment 233 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) 260/2012 Article 5c – 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 = 1
Amendment 234 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5c – 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 = 1
Amendment 235 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5c – paragraph 6 – subparagraph 1 PSPs
Amendment 236 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5c – 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 = 1
Amendment 237 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 265/2012 Article 5c – paragraph 6 – subparagraph 1 PSPs located in a Member State whose
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 = 1
Amendment 239 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5c – 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 =
Amendment 24 #
Proposal for a regulation Recital 7 (7) To create an integrated market for instant credit transfers in euro, it is essential that such transactions are processed in accordance with a common set of rules and requirements. An instant credit transfer in euro enables funds to be credited to the account of the payee within seconds and round the clock. The round the clock availability every day of the year is an intrinsic feature of instant credit transfers. Therefore, it is appropriate that the definition of instant credit transfers refers to the specific conditions that they should meet regarding the time of receipt of payment orders, processing, crediting and value dating. The European Central Bank (ECB) and national central banks, when not acting in their capacity as monetary authorities or other public authorities, should be able to limit their offering of a payment service of sending and receiving instant credit transfers in euro to the period of time during which they receive and send non-instant credit transfer transactions in euro, where such limitation is needed to ensure compliance with Article 123 TFEU.”
Amendment 240 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5c – 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 =
Amendment 241 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5c – paragraph 6 – subparagraph 2 Amendment 242 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5c – paragraph 6 – subparagraph 2 Amendment 243 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5c – paragraph 6 – subparagraph 2 PSPs located in a Member State whose currency is not the euro shall comply with this Article by …[ PO please insert the date =
Amendment 244 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5 c– paragraph 6 – subparagraph 2 PSPs located in a Member State whose currency is not the euro shall comply with this Article by …[PO please insert the date =
Amendment 245 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5c – paragraph 6 – subparagraph 2 PSPs located in a Member State whose currency is not the euro shall comply with this Article by …[ PO please insert the date =
Amendment 246 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5c – paragraph 6a (new) Amendment 247 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5c – paragraph 6a (new) (6a) Alternative information to identify a payment account may be used in cases where a payment account identifier is not identified on a payee's account. Such alternative identifying information may include the primary account number (PAN), name, or contact information of the merchant sub-account that sits underneath a PSP’s header account with a partner bank. Such an approach to verification shall require participants to provide the necessary information to a verification scheme in cases where a payment account identifier is not available.
Amendment 248 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Directive (EU) No 260/2012 Article 5d – paragraph 1 – subparagraph 1 PSPs
Amendment 249 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) 260/2012 Article 5d – paragraph 1 – subparagraph 2 PSPs shall
Amendment 25 #
Proposal for a regulation Recital 7 a (new) (7a) The European Central Bank (ECB) and national central banks, when not acting in their capacity as monetary authorities or other public authorities, should be able to limit their offering of a payment service of sending and receiving instant credit transfers in euro to the period of time during which they receive and send non-instant credit transfer transactions in euro, where such limitation is needed to ensure compliance with Article 123 TFEU.
Amendment 250 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5d – paragraph 1 – subparagraph 2 PSPs shall carry out such verifications immediately after the entry into force of any new or amended restrictive measures adopted in accordance with Article 215 TFEU providing for asset freeze or prohibition of making funds or economic resources available
Amendment 251 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5d – paragraph 1 – subparagraph 2 PSPs shall carry out such verifications
Amendment 252 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5d – paragraph 1 – subparagraph 2 PSPs shall carry out such verifications
Amendment 253 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5d – paragraph 1 – subparagraph 2 PSPs shall carry out such verifications immediately after the entry into force of any new or amended restrictive measures adopted in accordance with Article 215 TFEU providing for asset freeze or prohibition of making funds or economic resources available
Amendment 254 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5d – paragraph 1 – subparagraph 2 PSPs shall carry out such verifications immediately after the entry into force of any new or amended restrictive measures adopted in accordance with Article 215 TFEU providing for asset freeze or prohibition of making funds or economic resources available , and on a regular basis, at least once every calendar day.
Amendment 255 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5 d– paragraph 1 – subparagraph 2 PSPs shall carry out such verifications
Amendment 256 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5d – paragraph 1 – subparagraph 2 PSPs shall
Amendment 257 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 2. During the execution of an instant credit transfer, the payer’s PSP and the payee’s PSP involved in the execution of such transfer shall not verify whether the payer or the payee whose payment accounts are used for the execution of that instant credit transfer are listed persons or entities in addition to carrying out verifications under paragraph 1. This is without prejudice to other actions taken by PSPs in accordance with restrictive measures that are not adopted in accordance with Article 215 TFEU or in accordance with risk-based requirements from anti-money laundering and counter terrorist financing obligations or other relevant obligations.
Amendment 258 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation 260/2012 Article 5d – paragraph 2 2.
Amendment 259 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) 260/2012 Article 5d – paragraph 3 3.
Amendment 26 #
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, a self-service terminal, 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
Amendment 260 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5d – paragraph 4 4. PSPs shall comply with this Article by latest…[ PO please insert the date =
Amendment 261 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5d – paragraph 4 4. PSPs shall comply with this Article by …[ PO please insert the date =
Amendment 262 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) 260/2012 Article 5d – paragraph 4 4. PSPs shall comply with this Article by …[ PO please insert the date =
Amendment 263 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5d – paragraph 4 (4) PSPs shall comply with this Article by …[ PO please insert the date =
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 =
Amendment 265 #
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 =
Amendment 266 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5d – paragraph 4 4. PSPs shall comply with this Article by …[ PO please insert the date =
Amendment 267 #
Proposal for a regulation Article 1 – paragraph 1 – point 2 Regulation (EU) No 260/2012 Article 5d – paragraph 4a (new) (4 a) EBA and AMLA shall prepare a joint report on potential methods for enabling PSPs executing instant credit transfers to verify whether any of their PSUs are listed persons or entities, not only on EU lists, but also on national lists. These methods may include the development of a list aggregating national and EU lists. EBA and AMLA shall submit the joint report on its findings to the European Parliament, to the Council, and to the Commission, by [PO please insert the date = 6 months after the date of entry into force of this Regulation]. On the basis of that joint report the Commission shall, where appropriate, submit to the European Parliament and to the Council a legislative proposal by [PO please insert the date = 12 months after the date of entry into force of this Regulation].
Amendment 268 #
Proposal for a regulation Article 1 – paragraph 1 – point 3 Regulation (EU) No 260/2012 Article 11 – paragraph 1a – subparagraph 1 By way of derogation from paragraph 1, Member States shall by latest … [PO please
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 =
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.
Amendment 270 #
Proposal for a regulation Article 1 – paragraph 1 – point 3 Regulation (EU) No 260/2012 Article 11 – paragraph 1a – subparagraph 1 By way of derogation from paragraph 1, Member States shall by … [PO please insert the date =
Amendment 271 #
Proposal for a regulation Article 1 – paragraph 1 – point 3 Regulation (EU) No 260/2012 Article 11 – paragraph 1a – subparagraph 1a (new) No penalty shall be applied in respect of Article 5a(2), point (c). where the payment accounts maintained by PSPs are not reachable for instant credit transfers due to a planned downtime of all SEPA Instant Credit Transfer (SCT Inst) or where, due to a duly motivated suspicion of fraud, PSPs suspend the instant credit service, and if PSPs offer alternative options to PSUs.
Amendment 272 #
Proposal for a regulation Article 1 – paragraph 1 – point 3 Regulation (EU) No 260/2012 Article 11 – paragraph 1a – subparagraph 2 Member States shall notify the Commission of those rules and measures by latest … [ PO please insert the =
Amendment 273 #
Proposal for a regulation Article 1 – paragraph 1 – point 3 Regulation (EU) No 260/2012 Article 11 – paragraph 1a – subparagraph 2 Member States shall notify the Commission of those rules and measures by … [ PO please insert the =
Amendment 274 #
Proposal for a regulation Article 1 – paragraph 1 – point 3 Regulation (EU) No 260/2012 Article 11 – paragraph 1a – subparagraph 2a (new) Member States shall take due account of situations where the payment accounts maintained by PSPs are not reachable for instant credit transfers due to a planned downtime of all SEPA Instant Credit Transfer (SCT Inst) scheme-based payment services with respect to Article 5a, paragraph 2, point (c).
Amendment 275 #
Proposal for a regulation Article 1 – paragraph 1 – point 3 a (new) Regulation (EU) No 260/2012 Article 14a (new) Amendment 276 #
Proposal for a regulation Article 1 – paragraph 1 – point 3 a (new) Amendment 277 #
Proposal for a regulation Article 1 – paragraph 1 – point 3 Regulation (EU) 260/2012 Article 11 – paragraph 1b Amendment 278 #
Proposal for a regulation Article 1 – paragraph 1 – point 3 Regulation (EU) No 260/2012 Article 11 – paragraph 1b – subparagraph 1 – point a (a) in the case of a legal person, an administrative fine
Amendment 279 #
Proposal for a regulation Article 1 – paragraph 1 – point 3 Regulation (EU) No 260/2012 Article 11 – paragraph 1b – subparagraph 1 – point b (b) in the case of a natural person, an administrative fine
Amendment 28 #
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.
Amendment 280 #
Proposal for a regulation Article 2a (new) Article 2a Standardisation of QR-codes The Commission shall monitor the development by the industry of a Union- wide set of rules and standards for the implementation of instant payments. By 12 months after the entry into force of this Regulation, the Commission shall submit to the European Parliament and the Council a report and, where necessary, in case of slow progress, require the EBA to develop draft regulatory technical standards for the specification of a Union-wide set of rules and standards for the implementation of instant payments.
Amendment 281 #
Proposal for a regulation Article 2a (new) Directive 98/26/EC Article 2 – point b Article 2a Amendment to Directive 98/26/EC In Article 2 of Directive 98/26/EC, point (b) is amended as follows: “(b) ‘institution' shall mean: i. a credit institution as defined in the first indent of Article 1 of Directive 77/780/EEC (1) including the institutions set out in the list in Article 2(2) thereof, or ii. a payment institution as defined in Article 4, point (4), of Directive (EU) 2015/2366, or iii. a e-money institutions as defined in Article 2, point (1), of Directive 2009/110/EC or iv. an investment firm as defined in point 2 of Article 1 of Directive 93/22/EEC (2 ) excluding the institutions set out in the list in Article 2(2)(a) to (k) thereof, or v. public authorities and publicly guaranteed undertakings, or vi. any undertaking whose head office is outside the Community and whose functions correspond to those of the Community credit institutions, payment institutions, e-money institutions and investment firms as defined in the first, second, third and fourth indent, which participates in a system and which is responsible for discharging the financial obligations arising from transfer orders within that system. If a system is supervised in accordance with national legislation and only executes transfer orders as defined in the second indent of (i), as well as payments resulting from such orders, a Member State may decide that undertakings which participate in such a system and which have responsibility for discharging the financial obligations arising from transfer orders within this system, can be considered institutions, provided that at least three participants of this system are covered by the categories referred to in the first subparagraph and that such a decision is warranted on grounds of systemic risk;”
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
Amendment 283 #
Proposal for a regulation Article 2 a (new) Directive 98/26/EC Article 2 – point b Article 2a Amendment to the Directive 98/26/EC In Article 2, point (b) of the Directive 98/26/EC, the following points are added: - a payment institution as defined in Article 4 (4) of Directive (EU) 2015/2366, or - an electronic money institution as defined in Article 2 (2) of Directive 2009/110/EC.
Amendment 284 #
Proposal for a regulation Article 2 a (new) Directive 98/26/EC Article 2 – point b Article 2a Amendment of Directive 98/26/EC In Article 2, point (b) of the Directive 98/26/EC, the following points are added: - a payment institution as defined in Article 4 (4) of Directive (EU) 2015/2366, or - an electronic money institution as defined in Article 2 (2) of Directive 2009/110/EC."
Amendment 285 #
Proposal for a regulation Article 2 a (new) Directive 2014/92/EU Article 2 Amendment 286 #
Proposal for a regulation Article 2 b (new) Article 2b Transposition of amendments of Directive 98/26/EC Member States shall adopt, publish and apply, by 18 months after the date of entry into force of this Regulation, the laws, regulations and administrative provisions necessary to comply with Article 2a.
Amendment 29 #
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
Amendment 30 #
Proposal for a regulation Recital 8 a (new) (8a) Due to not all non-electronic payment initiation channels being open 24/7 (as in the case of certain branches), the time of receipt of a non-electronic payment order should in such cases be considered to take place at the moment the payment order is inserted into the payer’s PSP’s IT-system. This should take place as soon as such payment initiation channels open. In the situation when a PSU submits a request for bulk payments to its PSP, that PSP should immediately start to debulk that package into individual instant credit transfer transactions. The time of receipt of a payment order submitted in a bulk order should be the moment when each individual payment transaction has been unpacked. The payer’s PSP should immediately transmit the individual instant credit transfer transactions ensuing from a bulk order either simultaneously or in sequence. That should be done without prejudice to possible solutions to be provided by retail payment systems which would allow for the conversion of bulk orders into individual instant payment transactions. In cases where a payment order for an instant credit transfer in euro is submitted from a payment account that is not denominated in euro, the time of receipt should the moment when the PSP, immediately upon receiving that payment order, converts the amount of transaction from the currency in which the payment account is denominated into euro.
Amendment 31 #
Proposal for a regulation Recital 9 (9) It would not be proportionate to impose on payment institutions and electronic money institutions an obligation
Amendment 32 #
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,
Amendment 33 #
Proposal for a regulation Recital 9 (9) I
Amendment 34 #
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
Amendment 35 #
Proposal for a regulation Recital 9 (9)
Amendment 36 #
Proposal for a regulation Recital 10 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.
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.
Amendment 39 #
Proposal for a regulation Recital 11 (11) Security of
Amendment 40 #
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.
Amendment 41 #
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, without charging the PSUs any additional charges or fees, 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 about any such discrepancies, before placing a payment order for an instant credit transfer in euro
Amendment 42 #
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
Amendment 43 #
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, without charging the PSUs any additional charges or fees, verify whether there is any discrepancy between the unique identifier of the payee and the name of the payee provided by the payer
Amendment 44 #
Proposal for a regulation Recital 11 (11) Security of
Amendment 45 #
Proposal for a regulation Recital 11 (11) Security of instant credit transfers in euro is fundamental for increasing PSUs’ confidence in such services and
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
Amendment 47 #
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 Council
Amendment 48 #
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
Amendment 49 #
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 free of charge to PSUs by means of an IBAN-Name Check 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
Amendment 50 #
Proposal for a regulation Recital 11 a (new) (11a) Some instant credit transfer initiation solutions could be available to payers that allow them to place a payment order without being required to insert the payment account identifier. In such cases, that identifier is provided on behalf of the payer by the provider of the initiation solution, for example a PISP, proxy provider or even the PSP. When the identifier is provided on behalf of the payer by the PSP or any third party, it should be possible to adapt the verification process to the PSU interface.
Amendment 51 #
Proposal for a regulation Recital 11 a (new) Amendment 52 #
Proposal for a regulation Recital 12 Amendment 53 #
Proposal for a regulation Recital 12 Amendment 54 #
Proposal for a regulation Recital 12 (12) Some attributes of the name of the payee to whose account the payer wishes to make an
Amendment 55 #
Proposal for a regulation Recital 12 (12) Some attributes of the name of the payee to whose account the payer wishes to make an instant credit transfer may increase the likelihood of a discrepancy being detected by the PSP, including the presence of diacritics or different possible transliterations of names in different alphabets, differences between habitually used names and names indicated on formal identification documents in case of natural persons, or differences between commercial and legal names in case of legal persons. To avoid undue frictions in the processing of instant credit transfers in euro and facilitate the payer’s decision on whether to proceed with the intended transaction, PSPs should indicate the degree of such discrepancy, including by indicating in the notification that there is ‘no match’ or ‘close match’. Both - the commercial name and the legal name of a trader - should be identified as a match.
Amendment 56 #
Proposal for a regulation Recital 12 (12) Some attributes of the name of the payee to whose account the payer wishes to make an instant credit transfer may increase the likelihood of a discrepancy being detected by the PSP, including the presence of diacritics or different possible transliterations of names in different alphabets, differences between habitually used names and names indicated on formal identification documents in case of natural persons, or differences between
Amendment 57 #
Proposal for a regulation Recital 12 (12) Some attributes of the name of the payee to whose account the payer wishes to make a
Amendment 58 #
Proposal for a regulation Recital 13 Amendment 59 #
Proposal for a regulation Recital 13 (13) Authorising a payment transaction where the PSP has detected a discrepancy and has notified that discrepancy to the PSU can result in the funds being transferred to an unintended payee.
Amendment 60 #
Proposal for a regulation Recital 13 (13) Authorising a payment transaction where the PSP has detected a discrepancy and has notified that discrepancy to the PSU can result in the funds being transferred to an unintended payee. In such cases, PSPs should not be held liable for the execution of the transaction to an unintended payee, as laid down in Article 88 of Directive (EU) 2015/2366. PSPs should inform PSUs about the implications for PSP liability and PSU refunds rights of their choice to ignore the notified discrepancy.
Amendment 61 #
Proposal for a regulation Recital 13 (13) Authorising a payment transaction where the PSP has detected a discrepancy and has notified that discrepancy to the PSU can result in the funds being transferred to an unintended payee. In such cases, PSPs should not be held liable for the execution of the transaction to an unintended payee, as laid down in Article 88 of Directive (EU) 2015/2366. PSPs should inform PSUs about the implications for PSP liability and PSU refunds rights of their choice to ignore the notified discrepancy.
Amendment 62 #
Proposal for a regulation Recital 13 (13) Authorising a payment transaction where the PSP has detected a discrepancy and has notified that discrepancy to the PSU can result in the funds being transferred to an unintended payee. In such cases, PSPs should not be held liable for the execution of the transaction to an unintended payee, as laid down in Article 88 of Directive (EU) 2015/2366.
Amendment 63 #
Proposal for a regulation Recital 13 (13) Authorising a payment transaction where the PSP has detected a discrepancy and has notified that discrepancy to the PSU can result in the funds being transferred to an unintended payee. In such cases, PSPs should not be held liable for the execution of the transaction to an unintended payee, as laid down in Article 88 of Directive (EU) 2015/2366. PSPs should inform PSUs about the implications for PSP liability and PSU refunds rights of their choice to ignore the notified discrepancy.
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.
Amendment 65 #
Proposal for a regulation Recital 13 a (new) (13a) At the current stage, solutions that allow the verification of any discrepancy between the unique identifier of the payee and the name of the payee are available in a few Member States only. The definition of harmonized rules and standards for the exchange of messages between PSPs is a pre-condition for executing such verification at the EU level.
Amendment 66 #
Proposal for a regulation Recital 14 (14) It is of critical importance that PSPs effectively comply with their obligations stemming from Union, EU Member States, United Nations and United States of America sanctions against persons, bodies or entities that are subject to an asset freeze or a prohibition to make funds or economic resources available to it, or for its benefit, either directly or indirectly, pursuant to restrictive measures adopted in accordance with Article 215 TFEU (listed persons or entities). Union law, however, does not lay down rules on the procedure or tools to be used by PSPs to ensure their compliance with those obligations. PSPs thus apply various methods, based on their individual choice or on the guidance provided by the national authorities concerned. The practice of complying with obligations stemming from Union EU Member States, United Nations and United States of America sanctions by screening the payer and
Amendment 67 #
Proposal for a regulation Recital 14 (14) It is of critical importance that PSPs effectively comply with their obligations stemming from Union sanctions against persons, bodies or entities that are subject to an asset freeze or a prohibition to make
Amendment 68 #
Proposal for a regulation Recital 14 (14) It is of critical importance that PSPs effectively comply with their obligations stemming from Union sanctions against persons, bodies or entities that are subject to an asset freeze or a prohibition to make funds or economic resources available to it, or for its benefit, either directly or indirectly, pursuant to restrictive measures adopted in accordance with Article 215 TFEU (listed persons or entities). Union law, however, does not lay down rules on the procedure or tools to be used by PSPs to ensure their compliance with those obligations. PSPs thus apply various methods, based on their individual choice or on the guidance provided by the national authorities concerned. The practice of complying with obligations stemming from Union sanctions by screening the payer and the payee involved in each credit transfer transaction, either national or cross-border, leads to a very high number of credit transfers being flagged as potentially involving listed persons or entities. However, the large majority of such flagged transactions turn out, after verification, not to involve any such persons or entities. Due to the nature of instant credit transfers, it is impossible for PSPs to verify, within short time limits, such flagged transactions instantly and, as a result, they are rejected. That situation
Amendment 69 #
Proposal for a regulation Recital 14 (14) It is of critical importance that PSPs effectively comply with their obligations stemming from Union sanctions against persons, bodies or entities that are subject to an asset freeze or a prohibition to make funds or economic resources available to it, or for its benefit, either directly or indirectly, pursuant to restrictive measures adopted in accordance with Article 215 TFEU (listed persons or entities). Union law, however, does not lay down rules on the procedure or tools to be used by PSPs to ensure their compliance with those obligations. PSPs thus apply various
Amendment 70 #
Proposal for a regulation Recital 14 (14) It is of critical importance that PSPs effectively comply with their obligations stemming from Union sanctions against persons, bodies or entities that are subject to an asset freeze or a prohibition to make funds or economic resources available to it, or for its benefit, either directly or indirectly, pursuant to restrictive measures adopted in accordance with Article 215 TFEU (listed persons or entities). Union law, however, does not lay down rules on the procedure or tools to be used by PSPs to ensure their compliance with those obligations. PSPs thus apply various methods, based on their individual choice or on the guidance provided by the national authorities concerned. The practice of complying with obligations stemming from Union sanctions by screening the payer and the payee involved in each credit transfer transaction, either national or cross-border, leads to a very high number of credit transfers being flagged as potentially involving listed persons or entities. However, the large majority of such flagged transactions turn out, after verification, not to involve any such persons or entities. Due to the nature of instant credit transfers, it is impossible for PSPs to verify, within short time limits, such flagged transactions instantly and, as a result, they are rejected. That situation creates operational challenges for PSPs to offer instant credit transfers to their PSUs across the Union in a reliable and predictable way. To provide for greater legal certainty, increase the efficiency of PSPs’ efforts to comply with their obligations stemming from Union sanctions in the context of instant credit transfers in euro, and to prevent unnecessary hindering of such transactions, PSPs should thus verify, at
Amendment 71 #
Proposal for a regulation Recital 15 (15) To prevent the initiation of instant credit transfers from payment accounts belonging to listed persons or entities and to immediately freeze funds sent to such accounts, PSPs should carry out verifications of their PSUs as soon as possible following the entry into force of a new restrictive measure adopted in accordance with Article 215 TFEU providing for asset freeze or prohibition of making funds or economic resources available, thus ensuring that PSPs comply with their obligations stemming from Union, EU Member States, United Nations and United States of America sanctions in an effective manner.
Amendment 72 #
Proposal for a regulation Recital 15 (15) To prevent the initiation of instant credit transfers from payment accounts belonging to listed persons or entities and to immediately freeze funds sent to such accounts, PSPs should carry out verifications of their PSUs as soon as possible following the entry into force of a new restrictive measure adopted in accordance with Article 215 TFEU providing for asset freeze or prohibition of making funds or economic resources available, and following a significant change of PSUs details, thus ensuring that PSPs comply with their obligations stemming from Union sanctions in an effective manner.
Amendment 73 #
Proposal for a regulation Recital 15 (15) To prevent the initiation of instant credit transfers from payment accounts belonging to listed persons or entities and to immediately freeze funds sent to such accounts, PSPs should carry out verifications of their PSUs as soon as possible following the
Amendment 74 #
Proposal for a regulation Recital 15 (15) To prevent the initiation of instant credit transfers from payment accounts belonging to listed persons or entities and to immediately freeze funds sent to such accounts, PSPs should carry out verifications of their PSUs as soon as possible following the
Amendment 75 #
Proposal for a regulation Recital 15 a (new) (15a) Without prejudice to the above obligations, the Commission should work on the elaboration of a Union-wide harmonised sanctions list which covers Union sanctions, national sanctions and direct international sanctions regimes.
Amendment 76 #
Proposal for a regulation Recital 16 (16) Failure of one PSP to carry out timely verifications of its PSUs could result in a failure of the other PSP involved in carrying out the same instant credit transfer transaction to freeze funds of a listed person or entity or not to make funds or economic resources available to such person or entity. PSPs that incur penalties for non-compliance with their obligations stemming from Union, EU Member States, United Nations and United States of America sanctions due to the failure of another PSP to carry out timely verifications of its PSUs should be compensated for those penalties by that PSP.
Amendment 77 #
Proposal for a regulation Recital 16 (16) Failure of one PSP to carry out timely verifications of its PSUs could result in a failure of the other PSP involved in carrying out the same instant credit
Amendment 78 #
Proposal for a regulation Recital 16 a (new) (16a) Screening measures covered in this proposal apply only to EU sanctions (restrictive measures), adopted as part of the EU law. The proposed provision does not apply to other restrictive measures, adopted at national level, nor to other kinds of sanctions such as trade sanctions, sectorial sanctions, economic sanctions, arms embargoes, restrictions on admission, export restrictions, import restrictions, flight bans, or bans on the provision of financial services to a specific jurisdiction. Therefore, this proposal does not introduce any harmonised procedure for other sanctions than those related to the EU lists.
Amendment 79 #
Proposal for a regulation Recital 17 (17) The infringements of this Regulation should be subject to penalties, imposed by the competent authorities of the Member States. Such penalties should be effective, proportionate and dissuasive. To facilitate the mutual trust of PSPs and the relevant competent authorities in the uniform and thorough implementation of a harmonised approach to compliance with PSP obligations stemming from Union, EU Member States, United Nations and United States of America sanctions, it is in particular appropriate to harmonise across the Union the minimum levels for penalties for the infringement by PSPs of their obligations to verify whether their PSUs are listed persons or entities.
Amendment 80 #
Proposal for a regulation Recital 18 (18) PSPs need sufficient time to meet the obligations laid down in this Regulation. It is therefore appropriate to introduce those obligations gradually, allowing PSPs a more efficient use of their resources.
Amendment 81 #
Proposal for a regulation Recital 18 (18) PSPs need sufficient time to meet the obligations laid down in this Regulation. It is therefore appropriate to introduce those obligations gradually, allowing PSPs a more efficient use of their resources. The obligation to offer the service of sending instant credit transfers should therefore apply later, preceded by the obligation to offer the service of
Amendment 82 #
Proposal for a regulation Recital 18 (18) PSPs need sufficient time to meet the obligations laid down in this Regulation. It is therefore appropriate to introduce those obligations gradually, allowing PSPs a more efficient use of their resources. The obligation to offer the service of sending instant credit transfers should therefore apply later, preceded by the obligation to offer the service of receiving instant credit transfers, since the sending of instant credit transfers tends to be more costly and complex of the two services to implement and therefore necessitates more time. The service of notifying detected discrepancies between the name and payment account identifier of the payee to the payer is only relevant for PSPs offering the service of sending instant credit transfers. The obligation to offer that service should therefore apply from the same time as the obligation to offer the service of sending instant credit transfers. The obligations related to charges and harmonised procedure to ensure compliance with obligations stemming from Union, EU Member States, United Nations and United States of America sanctions should apply as soon as PSPs are obliged to offer the service of receiving instant credit transfers. To allow PSPs located in Member States whose currency is not the euro to efficiently allocate the resources needed for the implementation of instant credit transfers in euro, the obligations laid down in this Regulation should apply to such PSPs as of a later date than to PSPs located in Member States whose currency is the euro with the same gradual approach for introducing various obligations as for PSPs located in the euro area.
Amendment 83 #
Proposal for a regulation Recital 19 (19) Under Article 3 of Regulation (EU) 2021/1230 of the European Parliament and of the Council38 , charges applied by a PSP located in a Member State whose currency is not the euro in respect of cross-border credit transfers in euro are to be the same as charges applied by that PSP in respect of national credit transfers in the national currency of that Member State. In situations where such a PSP applies higher charges for national instant credit transfers in the national currency than for national non-instant credit transfers in the national currency, and therefore also higher charges than for cross-border non-instant credit transfers in euro, the level of charges that such a PSP would be required to apply under Article 3 of Regulation (EU) 2021/1230 in respect of cross-border instant credit transfers in euro would be higher than charges for cross-border non- instant credit transfers in euro. In such situations, to avoid conflicting requirements and taking into account the key objective of steering PSUs towards instant credit transfers in euro, it is appropriate to require that charges applied to payers and payees for cross-border instant credit transfers in euro do not exceed the charges applied for cross-border non-instant credit transfers in euro. It is essential to guarantee that the industry does not raise the fees, in an disproportionate way, for regular SEPA credit transfers to compensate for the instant transfer fees. Therefore, a proper supervision framework must be guaranteed. __________________ 38 Regulation (EU) 2021/1230 of the
Amendment 84 #
Proposal for a regulation Recital 19 (19) Under Article 3 of Regulation (EU) 2021/1230 of the European Parliament and of the Council38 , charges applied by a PSP located in a Member State whose currency is not the euro in respect of cross-border credit transfers in euro are to be the same as charges applied by that PSP in respect of national credit transfers in the national currency of that Member State. In situations where such a PSP applies higher charges for national instant credit transfers in the national currency than for national non-instant credit transfers in the national currency, and therefore also higher charges than for cross-border non-instant credit transfers in euro, the level of charges that such a PSP would be required to apply under Article 3 of Regulation (EU) 2021/1230 in respect of cross-border instant credit transfers in euro would be higher than charges for cross-border non- instant credit transfers in euro. In such situations, to avoid conflicting requirements and taking into account the key objective of steering PSUs towards instant credit transfers in euro, it is appropriate to require that charges applied to payers and payees for cross-border instant credit transfers in euro do not exceed the charges applied for cross-border non-instant credit transfers in euro.
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.
Amendment 86 #
Proposal for a regulation Article 1 – paragraph 1 – point 1 – point a Regulation (EU) No 260/2012 Article 2 – paragraph 1a – introductory part 1a. ‘instant credit transfer’ means a credit transfer initiated electronically and remotely which meets all of the following conditions:
Amendment 87 #
Proposal for a regulation Article 1 – paragraph 1 – point 1 – point a Regulation (EU) No 260/2012 Article 2 – paragraph 1 – point 1a – point a (a) the time of receipt of the payment order for such credit transfer is the moment when the payer instructs his or her PSP to execute that credit transfer and it has been received by the payer's PSP, regardless of the day or hour;
Amendment 88 #
Proposal for a regulation Article 1 – paragraph 1 – point 1 – point a Regulation (EU) No 260/2012 Article 2 – paragraph 1 – point 1a – point a (a) the time of receipt of the payment order for such credit transfer is the moment when the
Amendment 89 #
Proposal for a regulation Article 1 – paragraph 1 – point 1 – point a Regulation (EU) No 260/2012 Article 2 – paragraph 1 – point 1a – point b (b) the authorized payment order for such credit transfer is immediately processed by the payer’s PSP, regardless of the day or hour;
Amendment 90 #
Proposal for a regulation Article 1 – paragraph 1 – point 1 – point a Regulation (EU) No 260/2012 Article 2 – paragraph 1 – point 1a – point c (c)
Amendment 91 #
Proposal for a regulation Article 1 – paragraph 1 – point 1 – point a Regulation (EU) No 260/2012 Article 2 – paragraph 1 – point 1b (1b) ‘PSU interface’ means a
Amendment 92 #
Proposal for a regulation Article 1 – paragraph 1 – point 1 – point a 1b. ‘PSU interface’ means any method, device or procedure through which the payer can place a
Amendment 93 #
Proposal for a regulation Article 1 – paragraph 1 – point 1 – point a Regulation (EU) No 260/2012 Article 2 – paragraph 1 – point 1ba (new) (1ba) ‘payment account’ means an account as defined in Article 4, point (12), of Directive (EU) 2015/2366 of the European Parliament and of the Council;
Amendment 94 #
Proposal for a regulation Article 1 – paragraph 1 – point 1 – point a Regulation (EU) No 260/2012 Article 2 – paragraph 1 – point c (1c) ‘payment account identifier’ means a unique identifier as defined in Article 4,
Amendment 95 #
Proposal for a regulation Article 1 – paragraph 1 – point 1 – point a Regulation (EU) No 260/2012 Article 2 – paragraph 1 – point 1ca (new) (1ca) 'Name of the payee’ means the name and surname for a natural person and the commercial or legal name or legal entity identifier for a legal person.
Amendment 96 #
Proposal for a regulation Article 1 – paragraph 1 – point 1 – point a Regulation (EU) No 260/2012 Article 2 – paragraph 1 – point 1da (new) (1da) ‘legal entity identifier’ (LEI) means a unique alphanumeric reference code based on the ISO 17442 standard assigned to a legal entity.
Amendment 97 #
Proposal for a regulation Article 1 – paragraph 1 – point 1 – point a Regulation (EU) No 260/2012 Article 2 – paragraph 1 – point 1e (new) (1e) ‘legal entity identifier’ means a unique alphanumeric reference code based on the ISO 17442 standard assigned to a legal entity.
Amendment 98 #
Proposal for a regulation Article 1 – paragraph 1 – point 1 – point a – point 1 (new) Regulation (EU) No 260/2012 Article 2 – paragraph 1 – point 1da (new) (1da) 'Verification' means the process to identify whether a person or entity is a ‘listed person or entity’, including customer database screening, completion of subsequent alert reviews, and implementation of any measures resulting from the alert review.
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
source: 746.795
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