[ParlTrack]

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.

2023/04/21
Committee: ECON

Denis NESCI

Proposal for a regulation
Recital 8

(8) There is a variety of interfaces through which PSUs can place a payment order for a credit transfer in euro, including via online banking, a mobile application, an automated teller machine, in a branch, or by phone. To ensure that all PSUs have access to instant credit transfers in euro, there should be no difference in terms of the interfaces through which PSUs can place payment orders for instant and other types of credit transfer transactions. Moreover, where it is possible for aIn order to promote digitalisation in the payment sector, the PSPs should be obliged to provide the service – at both the payment order and receiving phases – via their own digital channels. Moreover, aside from this obligation, the PSUs may decide to allow the PSUs to ~~submit to a PSP~~initiate and execute a payment orders for an instant credit transfer~~s packaged together, that same possibility should also be available with respect to instant credit transfers in euro~~ in euro via other interfaces too (at an automated teller machine, in branch, by phone or on paper). PSPs should be able to offer all credit transfers in euro initiated by their PSUs as instant by default via digital channels.

2023/04/21
Committee: ECON

Denis NESCI

Proposal for a regulation
Recital 11

(11) Security of instant credit transfers in euro is fundamental for increasing PSUs’ confidence in such services and ensuring their use. Payers intending to send a credit transfer to a given payee may, as a result of fraud or error, provide a payment account identifier which does not correspond to an account held by that payee. Under Directive (EU) 2015/2366 of the European Parliament and of the Council37, the only determinant of the correct execution of the transaction with respect to the payee is the unique identifier, and PSPs are not required to verify the name of the payee. In the case of instant credit transfers, there is not enough time for the payer to realise the occurrence of a fraud or error and to try to recover the funds before they are credited to the payee’s account. PSPs should therefore verify whether there is any discrepancy between the unique identifier of the payee and the name of the payee provided by the payer, and notify the payer placing a payment order for an instant credit transfer in euro about any such discrepancies detected. To avoid undue frictions or delays in the processing of the transaction instantly, the payer’s PSP should provide such notification within no more than a few seconds from the moment the payer provided the payee information. To allow the payer to decide whether to proceed with the intended transaction, the payer’s PSP should provide such notification before the payer authorises the transaction. What is more, 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. __________________ 37 Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35).

2023/04/21
Committee: ECON

Denis NESCI