Regulatory Alerts2020-10-28
Decision on General Rules on Instant Credit Transfers
The Governor of the National Bank of Serbia issued this Decision to establish general rules for instant credit transfers, defining key terms and mandating that payment service providers enable continuous, secure execution of these transactions. It requires providers to process payment orders and submit instant transfer orders to the payment system within five seconds, with payee providers responding within the same timeframe to ensure immediate fund availability. The regulation further outlines procedures for refunds, the use of user codes for identification, and specific obligations for merchants and providers regarding point-of-sale payments initiated via QR codes.
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