NBS prepares draft amendments to Law on Payment Services – What is new?

Source: eKapija Wednesday, 19.06.2024. 09:54
(Photo: ToskanaINC/shutterstock.com)
The National Bank of Serbia (NBS) has announced that it has prepared the Draft Amendments to the Law on Payment Services and invited the citizens, experts and everybody else who is interested to send their suggestions and complaints about said draft within the public discussion by June 27.

The aim of the proposed amendments to the Law on Payment Services, as said, is primarily to additionally stimulate innovations in the market and secure an increased competition and transparency in providing payment services, as well as an increased protection of the users and security in carrying out payment transactions. Among other things, their adoption would regulate open banking in the Republic of Serbia, and new services and operations of the providers of those services would be made possible.

The draft defines new service: initiating payments is a service whereby, at the request of the users of payment services, a payment order is issued at the expense of the payment account of the payer which is managed by another provider of payment services; and the provision of information about the account is a service that is provided online and through which collected information is provided about one or more payment accounts that the user of the payment services has at another provider of payment services or at several providers of payment services.

– The draft envisages a clear and all-encompassing set of rules which would be applied to the existing and new providers of innovative payment services. These rules strive to ensure that these providers can compete under equal conditions, which leads to an increased efficiency, choice and transparency of payment services – it is said.

Special attention, it is added, is paid to the security of electronic payments and security measures for the protection of the confidentiality and integrity of personalized security elements of the users of payment services, in order to guarantee a safe authentication and reduce the risk of fraud.

The draft defines a secure authentication of the users and determines when the provider of payment services is obliged to apply it. The draft additionally regulates the management of operating and security risks.

– The adoption of these amendments would bring numerous benefits to all the users of payment services (in the form of primarily a greater user protection and service offer and lower costs), but also for the entire market of payment services in the Republic of Serbia, because it creates a legal basis for the development of new, innovative business models and services – the NBS says in the announcement.

As said, those suggestions and complaints may be sent at kabinetguvernera@nbs.rs and platni.sistem@nbs.rs.

The central bank also reminds that it has prepared the Draft Decision on Special Rules for the Execution of Credit Transfers and Direct Debits in Euros, which implements Article 5 and the Annex to the Regulation (EU) No 260/2012 establishing technical and business requirements for credit transfers and direct debits in euros.

It is specified that the Draft Decision determines the business, technical and other requests for the execution of credit transfers and direct debits in euros, for the purpose of carrying out activities for Serbia’s joining the Single Euro Payments Area (SEPA).

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