On Nov. 19, 2024, POR CB issued Notice 4/2024 on beneficiaries' identification data.
It establishes obligation for payment service providers in payment transactions using payment reference and in payment transactions via direct debits.
In those payer will have access to identification of final beneficiary of funds, as well as the identification of the payment service provider of the final beneficiary of the funds.
To ensure proper functioning, security of payment systems, reinforce transparency and trust of payers in transactions using payment references and direct debits.
Aims to prevent payment transactions being made to unwanted beneficiaries, provide payers with information that will allow them to take legal action more quickly and effectively when problems occur when making payments; notice in force May 19, 2025.
Alongside the notice, POR CB made available a summary of the consultation feedback.
POR CB issued public consultation 1/2024 re draft notice on the identification of the final beneficiary in operations using payment references and direct debits.
Document dated Feb. 8, received from POR CB Feb. 18 summarized on Feb. 21, 2024.
Overview
The draft notice consulted on intends to oblige payment service providers to ensure payer has access to identification of final beneficiary of the funds.
For card-based operations using payment reference; payments made via direct debits.
To reduce risk of payers carrying out payment transactions for unwanted beneficiaries.
The difficulty in identifying final beneficiary of funds, enhanced by increasingly complex payment service models, disrupts dispute resolution, promotes fraud and fraud crimes.
The above can also cause financial damage to payers of payment transactions.
Thus, there is duty to implement preventive measures that guarantee payment system proper functioning and security; rules to enter into force 180 days after publication.
Effectiveness
Contributions must be sent in editable format using Excel file available by Mar. 21 to email address provided in subject indicating Response to Public Consultation 1/2024.
Only contributions sent within deadline under terms indicated will be considered.
POR CB may publish contributions received so interested parties opposing publication, in whole or in part, must expressly mention non-authorization in contribution sent.
Nov. 2024 Notice Issued
On Nov. 19, 2024, POR CB issued Notice 4/2024 on beneficiaries' identification data.
It establishes obligation for payment service providers in payment transactions using payment reference and in payment transactions via direct debits.
In those payer will have access to identification of final beneficiary of funds, as well as the identification of the payment service provider of the final beneficiary of the funds.
To ensure proper functioning, security of payment systems, reinforce transparency and trust of payers in transactions using payment references and direct debits.
Aims to prevent payment transactions being made to unwanted beneficiaries, provide payers with information that will allow them to take legal action more quickly and effectively when problems occur when making payments; notice in force May 19, 2025.
Alongside the notice, POR CB made available a summary of the consultation feedback.
Regulators
POR CB
Entity Types
Bank; CNSM; MSB
Reference
Nt 4/2024, Rp, PR, 11/19/2024; CP 1/2024, PR, 2/8/2024
