Circular Letter No. CC/2021/00000021: Supervisory Actions to Ensure Removal of Obstacles to Third-Party Payment Services

Payment Account Service Providers (ASPSPs) that have developed dedicated APIs must correct identified non-compliances, including missing payment instruments, authentication flow obstacles, and missing authentication methods, by 30 September 2021. Failure to comply may result in the application of the current regulatory offense regime and the revocation of any granted API contingency mechanism exemptions. Violations regarding account access for payment initiation and account information services are classified as particularly serious offenses, subject to fines ranging from 10,000 to 5,000,000 euros.

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Circular Letter No. CC/2021/00000021
Sent to:
Credit Institutions, Payment Institutions, and Electronic Money Institutions.
Mod. 40000375/T – 01/14
Subject: RJSPME – Supervisory actions to ensure the removal of obstacles to the provision of services by third-party payment service providers

The Commission Delegated Regulation (EU) 2018/389 of 27 November 2017, which supplements Directive (EU) 2015/2366 of 25 November 2015 on payment services in the internal market (PSD2), as regards regulatory technical standards on strong customer authentication and on common and secure open standards of communication, entered into force on 14 September 2019. PSD2 was transposed into Portuguese law by Decree-Law No. 91/2018 of 12 November, which approved the Legal Regime for Payment Services and Electronic Money (RJSPME).

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Lineage: In force

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Source: Banco de Portugal — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works