Transposition of Payment Services Directive to local framework

The Central Bank of Malta has issued Directive 1 to transpose Titles III and IV of Directive 2007/64/EC of the European Parliament and of the EU Council of November 13, 2007 on payment services in the internal market.

The directive lays down rules concerning transparency of conditions and information requirements for payment services. It also sets out the respective rights and obligations of payment service users and providers in relation to the provision of payment services. Directive 2007/64/EC entered into force in all EU and EEA member states on November 1.

Central Bank of Malta Directive 1 establishes a modern and comprehensive set of rules applicable to all payment services in Europe. Cross-border payments will become as easy, efficient and secure as national payments within a member state. It will also guarantee users of payment services a high level of protection and efficiency, in particular by introducing a number of obligations in so far as the provision of detailed information by providers of payment services to their customers is concerned. It also introduces a number of new obligations that will ensure better services to the users.

The directive can be found at www.centralbankmalta.org/updates/Downloads/pdfs/directive1.pdf. The changes brought about by the new directive will be reflected in the terms and conditions of payment accounts and also various payment products, such as cards, credit transfers and direct debits.

Revised terms and conditions are being made available to users of payment services by the respective providers.