Recent regulation on cross-border payments in the Eurozone community eliminates the differences in charges for cross-border and national payments in euro. It applies to payments in euro in all EU Member States.
The basic principle is that the charges for payment transactions offered by a payment service provider (e.g. your bank) have to be the same, for the payment of the same value, whether the payment is national or cross-border.
The Regulation applies to all electronically processed payments, including: credit transfers, direct debits, cash withdrawals at cash dispensers (ATMs), payments by means of debit and credit cards, and money remittance. Some conditions may apply depending on the type of a payment transaction. For example, for credit transfers and direct debits, the use of IBAN and BIC when ordering the payment, is obligatory.
All non-euro area Member States have the possibility to extend the application of this Regulation and to apply the same charges for payments in euro as for payments in their national currency.
Key questions and Accourt focus:
- Understanding globalisation of consumer payments and disintermediation of banks.
- Maximising the opportunities in emerging money transmission trends?
- Leveraging ACH capability and lower cost alternative to credit or charge card payments for merchants?
- Global ACH payments and card payments.
- ATM services and estate optimisation.
Why Choose Accourt
We have a team of high calibre individuals who have successfully managed numerous Regulatory and Payment Scheme applications for organisations wishing to apply for full banking, electronic money and PI licences. Our seasoned experts have both the relevant IP, hands-on experience and operational know-how to ensure successful applications.