1 February 2014 - new rules for bank payment operations
16th December, 2013
New rules for bank payment operations: transfers and direct debits, among others for all users: private customers, companies, associations and local authorities
New, widely publicised rules on bank payment operations will come into effect on 1 February next year for all users - companies, associations, local authorities and private customers. Common operations such as transfers, direct debits and payments of salaries and fees, among others, will have to abide by European Union requirements and procedures. Operations will have to comply with the so-called SEPA payment models, which require migration to the SEPA (EU Regulation 260/2012).
In compliance with this EU legislation, as of 1 February 2014 Banco de Portugal will discontinue the current electronic interbank transfer systems and national direct debits and so it will only be possible to use SEPA payment models for these operations.
Institutions and users that have migrated to the SEPA will no longer be able to perform these operations.
The Portuguese banks will be ready to continue providing payment services to their customers in the new format on that date.
The role of companies in the transition process
An efficient transition that does not disrupt processing of payments needs the active collaboration of customers in general and in particular of companies and other bodies using these services for collections and payments.
At the moment, they have made little progress in the migration, especially with regard to direct debits.
The APB has been stressing the absolute need for companies and other bodies to make the changes required by the EU legislation as soon as possible and prevent any interruption in their payments.
All customers must consult their banks, which are making every effort to ensure that they have the resources they need to facilitate the task for them, though timely migration will not be possible without their collaboration.
This aspect has been repeatedly highlighted in communication campaigns coordinated by Banco de Portugal, whose website offers full, easily understandable information about what companies and other bodies have to do.
The APB would like to point out that the recent publication of Decree-Law 141/2013 of 18 October has changed nothing and that there has been no general postponement of Regulation 260/2012 (this would not even be possible for a national law, given the precedence of the EU instrument, Regulation 260/2012). There has merely been a temporary derogation (until 1 February 2016) of some of its rules, as provided for in the regulation.
Portuguese Banking Associacion
Lisbon, 16 December 2013
