Banco de Portugal announced new measures aimed at increasing security and transparency in payment operations carried out with payment references and direct debits. This package of rules emerges as a response to the growing complexity of payment systems, which have made it difficult to identify the final beneficiary of funds and increased the vulnerability of users.
Challenges in the current payment system
The multiplicity of service providers involved in payment processing has created significant obstacles in identifying the final recipients of funds. This context has become fertile for the occurrence of fraud, difficult-to-resolve disputes and financial losses for payers.
Aware of these weaknesses, Banco de Portugal recognized the need for regulatory intervention. In a statement, the institution explained that these new measures seek to “increase consumer confidence in payment systems” and guarantee greater protection for users.
Transparency measures for users and providers
Among the main changes, the obligation of payment service providers to provide detailed information about the final beneficiary and the respective service provider in operations carried out with payment references or direct debits stands out.
This information must appear in user account movement statements and be provided before carrying out operations, ensuring greater clarity for payers. Furthermore, providers are prevented from charging additional charges for making this information available, ensuring that consumers are not penalized for complying with the new standards.
Fraud prevention and litigation simplification
By enhancing transparency, Banco de Portugal hopes to not only mitigate the risk of fraud, but also simplify the resolution of disputes between users and providers. These measures, previously submitted to public consultation, were designed to strengthen confidence in the payments system and ensure its smooth functioning.
Consequences for defaulters
Entities that do not comply with the new rules may face sanctions under the General Regime for Credit Institutions and Financial Companies. The objective is to ensure that the regulatory framework is respected, promoting safe and transparent practices in the sector.
With these changes, Banco do Portugal reaffirms its commitment to protecting consumers and promoting a robust financial system, where trust and transparency are fundamental pillars.
The Central Bank of Portugal reaffirms its commitment to the security and transparency of payment operations.
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