Regulatory Alerts2021-09-01
Order on the Transfer of Payment Accounts or Payment Orders
The Danish Ministry of Industry, Business and Financial Supervision issued this order to implement EU Directive 2014/92/EU regarding the portability of payment accounts and payment orders. It mandates that payment service providers offer account transfer services, defining strict timelines, consent requirements, and fee structures to ensure seamless transitions for consumers. The regulation assigns specific operational duties to both transferring and receiving providers while prohibiting fees for providing account data lists.
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