Positive reaction to consultative document on payments

Following an extensive consultation process, the Central Bank of Malta has just published a report on reactions received to its Consultative Document On Retail Payment Services Policy And The Payment Services Directive issued earlier this year.

The Directive will holistically regulate electronic payment services, including direct debit, credit transfer and debit and credit card payments, and is to be incorporated into national laws across the EU by November next year.

The report points out that positive feedback was received from the public sector, credit institutions, financial institutions, the business community, constituted bodies and consumers in respect of various issues.

These included the need to reduce the predominant use of cash and cheques within the Maltese economy in favour of modern electronic payment instruments, and the need to update the regulatory framework applicable to cheques and other payment instruments.

In respect of the Payment Services Directive, the report notes that respondents indicated strong support for a harmonised implementation across the EU.

Overall, the report notes that stakeholders broadly share the Bank's view that recent developments necessitate changes in the traditional methods of processing and executing retail customer payments.

In particular, both the Bank and stakeholders are eager to see the Single Euro Payments Area (SEPA) become a success, leading to substantial development in e-payment, m-payment, e-invoicing and e-reconciliation.

The report is available on the Central Bank of Malta's website: http://www.centralbankmalta.org .