What is SEPA?
SEPA payment instruments
Payment Services Act
Payment Services Act
The Payment Services Act 16/2009 of 13-11-2009 transposes into Spanish legislation the EU Directive 2007/64/EC regarding payments within the EU market, providing a new, modern and coherent legal framework at an EU level for payment services in general and, particularly, for cards, transfers and direct debits.
This harmonisation facilitates the implementation and development of instruments for the Single Euro Payments Area (SEPA). The text of this new legislation reinforces the rights and protection of users, establishing a series of obligations for banks as payment service providers, referring both to the information to be supplied to customers about the cost of transactions, and the conditions of payment execution.
The Act is divided into three main blocks, which establish, respectively:
- The information requirements which must be fulfilled by all payment service providers, improving transparency towards customers.
- The rights and responsibilities of users and payment service providers.
- The legal structure of a new figure in payment service provision, payment entities, making the provision of payment services more competitive.
To view the Payment Services Act: Ley 16/2009 de 13 de Noviembre
Caja Mediterráneo is able to offer its customers the new procedures established for the SEPA, in accordance with the new Payment Services Act, within the timeframe stipulated for implementation in Spain. Furthermore, Caja Mediterráneo has made its SEPA transactions simple, so customers can enjoy all their advantages. For our customers, it will be as easy to receive and make payments in euro throughout Europe as it is within Spain.
