Regulatory Alerts2024-02-08
Added · Updated
Instruction No. 2/2024 - Amendment to the SICOI Compensation System Regulations
Banco de Portugal amends the SICOI Compensation System Regulations to introduce mandatory Proxy Lookup and Confirmation of Payee/Payer functionalities for payment service providers established in Portugal. Participants in the instant transfers, SEPA credit transfers, and direct debits subsystems are required to implement these features to enhance payment security, prevent fraud, and improve usability. The regulation also updates the fee schedule for SICOI participants to reflect cost recovery.