A new bill (89 of 2019) proposing changes to the Banking Act (Chapter 371) and the Financial Institutions Act (Chapter 376) has been tabled before the Maltese Parliament for the first reading. Bill 89 of 2019 transposes into Maltese law:
- the Payment Services Directive II (Directive 2015/2366/EU) - known as PSD2;
- the Payment Accounts Directive (Directive 2014/92/EU); and
- the Bank Recovery and Resolution Directive (Directive 2014/59/EU).
Bill 89 of 2019, implementing PSD II, will introduce and regulate inter alia third party payment service providers (TPPs), namely:
- Payment Initiation Services Providers – PISP: that offer a service to initiate a payment order at the request of the payment service user with respect to a payment account held at another payment service provider;
- Account Information Service Providers – AISP: that offer an online service to provide consolidated information on one or more payment accounts held by the payment service user with either another payment service provider or with more than one payment service provider.
Read Bill 89 of 2019 here.