Regulatory Alerts2017-06-22
Communications - Transfer of Payment Services
The Bank of Italy issued this communication to detail the implementation of Legislative Decree No. 37/2017, which transposes the EU Payment Account Directive into Italian law. The document mandates that Payment Service Providers ensure the free and timely transfer of recurring payment services within 12 working days, enforcing strict liability and compensation for delays. It further outlines consumer protections against account closure barriers and emphasizes the regulator's role in monitoring compliance and promoting financial education.
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