Commission publishes payment services proposals: The Commission has published proposals to review the Payment Services Directive (PSD) and for a Regulation on card multilateral interchange fees. It has also published a report to the European Parliament and the Council on the application of PSD. The revised Directive:

  • brings within scope third party providers, such as payment initiation services and account information services. They will benefit fully from the internal market subject to registration, supervision and security requirements; 
  • extends regulation to the EU leg of a transfer or remittance outside Europe and to payments in non-EU currencies; 
  • requires that all payment service providers have certain security measures in place, assess risks on a yearly basis and ensure strong customer authentication. The cap on losses that a customer may bear in cases of unauthorised card payments, except in certain cases where there is fraud or gross negligence, is reduced from €150 to €50; 
  • gives consumers an unconditional refund right even in the case of a disputed transaction; and 
  • requires that any complaint be answered within 15 business days.

The multilateral interchange fee (MIF) Regulation introduces a cap of 0.2% and 0.3% on multilateral interchange fees imposed on merchants. (Source: Payments Legislative Package)