Regulatory Alerts2018-06-04
Added · Updated
Q&A on the Regulation on oversight of the smooth operation of the payment system
Banks, payment institutions, and electronic money institutions processing 120 million or more non-cash payments annually must maintain availability standards of 99.88% during peak periods and 98.5% outside peak periods for time-critical payments, while non-time-critical payments must be restorable within two hours. Institutions are required to publish weighted three-month average availability data for iDEAL and POS transactions by the twelfth business day of each month, calculated using specific formulas that account for peak and low demand periods. The document clarifies that subsidiaries operating under a parent license must comply with these rules, with availability data either published separately or consolidated at the parent level, and that the two-hour recovery requirement applies to all causes of unavailability including scheduled maintenance.