Instruction (Historical) No. 2/2025

Instruction No. 2/2025
BO No. 1/2025 2nd Supplement • 2025/01/30
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Topics
Payment Systems :: Clearing
Mod. 99999940/T – 01/14
Index
Text of the Instruction
Text of the Instruction
Subject: Amendment to the Interbank Clearing System Regulation – SICOI

On 19 March 2024, Regulation (EU) 2024/886 of the European Parliament and of the Council of 13 March 2024 was published, amending Regulations (EU) No 260/2012 and (EU) 2021/1230 and Directives 98/26/EC and (EU) 2015/2366 regarding immediate euro credit transfers (IPR).

Specifically with regard to Regulation (EU) No 260/2012¹ (SEPA Regulation), the amendments aim to add rules regarding "immediate credit transfer operations" and to provide for the obligation for Payment Service Providers (PSPs) offering credit transfer and immediate transfer services to their customers to make available a beneficiary verification service. This service must be provided to all users of payment services free of charge.

As this is a European Regulation, these amendments have direct application, and PSPs must comply with the IPR rules as soon as they are applicable in the national legal order.

In this case, the obligation to make available the beneficiary verification service in credit transfers and immediate transfers must be fulfilled by PSPs from 9 October 2025.

Without prejudice, the rule regarding the free provision of a beneficiary verification service must be fulfilled by PSPs from 9 January 2025.

In this sense, although the IPR rules are directly applicable and mandatory for national PSPs on the dates described, it is considered that, for reasons of legal certainty and security, the SICOI Regulation should be amended to clarify that PSPs cannot charge any commission to users of payment services for the use of the Single Payer Confirmation (CoPS) functionality and the Grouped Payer/Debtor Confirmation (CoPB) functionality.

1 Regulation (EU) No 260/2012 of the European Parliament and of the Council of 14 March 2012 establishing technical and business requirements for credit transfers and direct debits in euros and amending Regulation (EC) No 924/2009.

Instruction No. 2/2025 BO No. 1/2025 2nd Supplement • 2025/01/30 Topics Payment Systems :: Clearing
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Mod. 99999940/T – 01/14
Subject: Amendment to the Interbank Clearing System Regulation – SICOI

Thus, under the competence attributed to it by Article 14 of its Organic Law and by Article 92 of the General Regime of Credit Institutions and Financial Companies (RGICSF), the Banco de Portugal amends the provisions of Instruction No. 8/2018 – SICOI Regulation –, determining the following:

1. Number 11.4 is added to number 11 of "Annex IX – Terms and Conditions of the Account Derivation Identifier and Beneficiary/Debtor Confirmation Service" to Instruction No. 8/2018, of 22 March, with the following wording:

"11.4. Participants may not charge any commission to users of payment services for the use of the CoPB functionality."

2. This Instruction enters into force on the date of its publication.