Regulatory Alerts2023-12-21
Added · Updated
Instruction (Archive) No. 29/2023
Bank of Portugal amends Instruction No. 8/2018 to align SICOI fees with the updated TARGET Instant Payments Settlement (TIPS) pricing effective January 1, 2024. The amendment introduces a monthly fee for maintaining the technical account of the instant payments subsystem, calculated by equally distributing the fixed monthly cost among direct and indirect participants, and updates the per-operation fee for instant payments to a tiered structure based on transaction volume bands. Additionally, the regulation expands annual contingency testing requirements to include suspensions in the instant payments and deferred settlement subsystems.
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