Q&As

Do UK payment service providers need to comply with the information requirements laid down in Regulation (EU) 260/2012 (the SEPA Regulation), where applicable, in addition to the payment account number of both the payer and the payee or the unique transaction identifier pursuant to Article 5(1) of Regulation (EU) 2015/847, where all PSPs involved in the payment chain are established in the European Economic Area?

read titleRead full title
Published on LexisPSL on 11/03/2020

The following Financial Services Q&A provides comprehensive and up to date legal information covering:

  • Do UK payment service providers need to comply with the information requirements laid down in Regulation (EU) 260/2012 (the SEPA Regulation), where applicable, in addition to the payment account number of both the payer and the payee or the unique transaction identifier pursuant to Article 5(1) of Regulation (EU) 2015/847, where all PSPs involved in the payment chain are established in the European Economic Area?

Practice Note: Second Wire Transfer Regulation (WTR2)—essentials provides an overview of WTR2, which entered into force on 26 June 2017 and has direct effect in countries within the EEA, including the UK. WTR2, Art 4 requires payment service providers (PSPs) to ensure that transfers of funds are accompanied by specified information regarding the payer and payee. However, WTR2, Art 5(1) provides that where all PSPs involved in the payment chain are established in the EEA, transfers of funds need only be accompanied by the payment account number of the payer and payee or, if the transfer is not made from or to a payment account, a unique transaction identifier (UTI).

This is without prejudice to the information requirements laid down in the SEPA Regulation, where applicable. The SEPA Regulation lays down rules for credit transfer and direct debit transactions denominated in euro within the EEA where all the PSPs involved in the payment transaction are lo

Related documents:

Popular documents