LAWS AND REGULATION

Laws and regulation photo

Laws and regulation on the offer and execution of payment services

Title IV of the PSD2 mainly concerns the rights and obligations with regard to the provision of payment services and the implementation thereof by payment service providers. In addition to the new options for third-party access to the payment account for initiating payment orders and receiving account information, this section of the PSD2 also contains a number of important changes.

All these changes must be incorporated into the local legislation of the EU member states as of January 18, 2018 and will be effective from this date.

Some important changes are:

  1. Valuation of payment transactions
  2. Shared costs for payment transactions
  3. Reservations for card transactions
  4. Recall option for customers
  5. New inquiry process for payment transactions