Revised rules for payment services in the EU Directive (EU) 2015/2366 on EU-wide payment services Directive (EU) 2015/2366 (Payment Service Directive 2 — PSD 2) provides the legal foundation for the further development of a better integrated internal market for electronic payments within the EU. It puts in place comprehensive rules for payment services*, with […]
Category: Payments
Payment Systems [EU]
Systemically important payment systems (SIPS) Regulation (EU) No 795/2014 on oversight requirements for systemically important payment systems (ECB/2014/28) Decision (EU) 2019/1349 on the procedure and conditions for exercise by a competent authority of certain powers in relation to oversight of systemically important payment systems (ECB/2019/25) Decision (EU) 2017/2098 on procedural aspects concerning the imposition of […]
Payment Information [EU]
Traceability of money transfers Regulation (EU) 2015/847 on information accompanying transfers of funds It sets out rules on the information on payers* and payees*, accompanying transfers of funds*, in order to help prevent, detect and investigate money laundering and terrorist financing*. European Union (EU) rules in this area are largely based on international recommendations adopted […]
Cross-Border Payments [EU]
Cross-border payments in euros The aim of the single euro payments area (SEPA) is to ensure that making electronic payments throughout the entire euro area is as easy as making cash payments and that there are no extra charges when making an electronic payment in euros in another European (EU) country. Regulation (EC) No 924/2009 […]
Notes & Coins
IFS Coinage The Coinage Act 1926 provided for the issue of Irish Free State coinage. This ultimately supplanted United Kingdom coinage. The Irish coinage remained of the same size and dimension as UK coins, and was exchangeable at par until 1979. United Kingdom coins were widely accepted as currency until that date. The Act provided […]
Money
Nature Money serves as a medium of exchange. It is a key characteristic of money that it is accepted in settlement of debts, without question. It serves as a standard for value by reference to which, the comparative value of goods may be measured. It is a unit of account in which debts and liabilities […]
Payments Systems
Payments and Funds Transfer This chapter deals with the making and collection of payments through the financial system. There are a number of different payment and clearance mechanisms. Different mechanisms or systems operate in relation to the various means of payment. The payments may be by cheque, direct transfer, ATM, standing order, direct debit, debit […]
Issues with Transfers
Payment Authorisation A payment without consent is unauthorised. The procedure for the provision of consent is to be agreed upon between the payer and the payment service. The payer may withdraw consent at any time before it becomes irrevocable. The payment service provider may block payment for objective reasons related to security suspicion of unauthorised […]
Funds Transfer
Funds Transfers A funds transfer is a direction by the customer to the bank to make the requisite transfer. The legal position depends on the underlying contract, as well as the mandatory terms protective of consumers in the Payment Services Regulations. The credit institution is obliged obey the payer’s proper instructions. They must act with […]
Cards & Cheques
Credit Card Transactions A credit card transaction involves three parties. There is a contract between the retailer/supplier and the cardholder. This is effectively, the underlying sale. There is a contract between the supplier/retailer and the card-issuing company which undertakes to honour the card by playing the supplier on presentation of sales vouchers and proof of […]
Payments [EU]
Payments Market Framework An EU directive aims to establish a framework for the creation of an integrated payments market. It covers payment service providers established in the EU. It covers payments in euro and other national currencies of the EU. It does not apply to cash or cheque payments. The directive establishes a number of […]