Regulatory Alerts2024-02-08
Added · Updated
Instruction (Historical) No. 2/2024
The Bank of Portugal amends the SICOI Regulation to introduce mandatory Account Derivation Identifier (Proxy Lookup) and Beneficiary/Payer Confirmation services for payment service providers established in Portugal. Participants in the immediate transfers and SEPA credit transfer sub-systems are required to offer Proxy Lookup and Confirmation of Payee Single (CoPS) functionalities, while those also in the direct debits sub-system must offer Confirmation of Payee/Payer Bulk (CoPB). The amendment updates fee structures to reflect cost recovery and establishes specific technical and operational terms for data association, verification, and fraud prevention within the SICOI framework.
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