New transparency regulations applying to payment services

The new regulations giving effect to disclosure and transparency requirements applying to the provision of payment services, such as deposits, transfers and debits, came into force on 1 July.

The new Ministerial OrderAbre en ventana nueva, implemented by the Royal Decree-Law on Payment ServicesAbre en ventana nueva, aims to enhance the confidence of users of these services.

The main changes with regard to the regulations they replace are, in summary:

  • The scope of the regulation of payment services has been broadened so that it is now also compulsory when payment services users are microenterprises, which includes the self-employed. Formerly, it was possible for these regulations not to be applied if it was so agreed. This is no longer possible.
  • Adaptation to the new payment initiation and account information services: the new Order specifies what information must be provided by the suppliers of these new services to users.
  • Such information must be accessible to everyone: under the new regulations, not only must the information and conditions communicated be understandable but they must also be accessible to people with disabilities, in line with the rules set by the design for all principle.
  • Information reinforcement in the case of fraud: contracts should include information about a safe procedure for notifying suspected fraud, real fraud or threats to security.
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