Payments regulatory news, October 2020

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Recent regulatory developments focussed on the payments sector, including the UK Payments Systems Regulator’s call for input on its future strategy review.

Contents

  • Future strategy review: PSR requests input on three themes
  • SEPA direct debit schemes: EPC guidelines for appearance of mandates

Future strategy review: PSR requests input on three themes

The UK Payment Systems Regulator (PSR) is working on defining its future strategy. It has published webpages requesting input on three themes:

The PSR welcomes contributions on any of the three themes by the end of October 2020. It is holding two strategy webinars in October 2020 and will provide details about these soon. It will consult on a full draft strategy early in 2021.

SEPA direct debit schemes: EPC guidelines for appearance of mandates

The European Payments Council (EPC) has published revised guidelines on the appearance of mandates for the Single Euro Payments Area (SEPA) Direct Debit (SDD) Core Scheme and the SDD Business-to-Business (B2B) Scheme.

The guidelines contain guidance on the visual presentation of mandates under the SEPA SDD Core Scheme and the SDD B2B Scheme issued by creditors as part under the SDD schemes to enable debtors to make payments. They aim to illustrate several ways to reduce mandate complexity without losing any essential content and while still remaining compliant with the relevant scheme rulebook.

The EPC also provides advice on when the delivery of the debtor bank's BIC (bank identifier code) is mandatory in SDD transactions.

The guidelines are intended to supplement section 4.7.2 of the SDD Core and SDD B2B Scheme Rulebooks, which define the rules for the content of SDD Core and SDD B2B mandates respectively.

The EPC has also published version 8 of its creditor identifier overview following its annual review by the Scheme Management Board. The aim of the document is to inform creditors about the need for a creditor identifier on SDD mandates and forthcoming collections, and about the institution(s) in each SEPA country that can issue such a creditor identifier.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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