HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN"L 94/22
EN
Official Journal of the European Union
30.3.2012
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 euro and
amending Regulation (EC) No 924/2009
(Text with EEA relevance)
THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE
implementation of innovations relating to payments.
EUROPEAN UNION,
Consequently, improved economies of scale, increased
operating efficiency and strengthened competition
should lead to downward price pressure in electronic
Having regard to the Treaty on the Functioning of the European
payment services in euro on a ‘best-of-breed’ basis. The
Union, and in particular Article 114 thereof,
effects of this should be significant, in particular in
Member States where payments are relatively expensive
compared to other Member States. The transition to
SEPA should therefore not be accompanied by overall
Having regard to the proposal from the European Commission,
price increases for payment service users (PSUs) in
general and for consumers in particular. Instead, where
the PSU is a consumer, the principle of not levying
After transmission of the draft legislative act to the national
higher charges should be encouraged. The Commission
parliaments,
will continue to monitor price developments in the
payment sector and is invited to provide an annual
analysis thereof.
Having regard to the opinion of the European Central Bank ( 1 ),
(2)
The success of SEPA is very important economically and
Having regard to the opinion of the European Economic and
politically. SEPA is fully in line with the Europe 2020
Social Committee (
strategy which aims at a smarter economy in which

2 ),
prosperity results from innovation and from the more
efficient use of available resources. Both the European
Parliament, through its resolutions of 12 March
Acting in accordance with the ordinary legislative procedure ( 3 ),
2009 ( 4 ) and of 10 March 2010 ( 5 ) on the implemen
tation of SEPA, and the Council in its conclusions
adopted on 2 December 2009, have underlined the
Whereas:
importance of achieving rapid migration to SEPA.
(1) The
creation
of
an
integrated
market
for
electronic (3) Directive
2007/64/EC
of
the
European
Parliament
and
of
payments in euro, with no distinction between national
the Council of 13 November 2007 on payment services
and cross-border payments is necessary for the proper
in the internal market ( 6 ) provides a modern legal foun
functioning of the internal market. To that end, the
dation for the creation of an internal market for
single euro payments area (SEPA) project aims to
payments, of which SEPA is a fundamental element.
develop common Union-wide payment services to
replace current national payment services. As a result
of the introduction of open, common payment stan
(4) Regulation
(EC)
No
924/2009
of
the
European
dards, rules and practices, and through integrated
Parliament and of the Council of 16 September 2009
payment processing, SEPA should provide Union
on cross-border payments in the Community ( 7 ) also
citizens and businesses with secure, competitively
provides a number of facilitating measures for the
priced, user-friendly, and reliable payment services in
success of SEPA such as the extension of the principle
euro. This should apply to SEPA payments within and
of equal charges to cross-border direct debits and reach
across national boundaries under the same basic
ability for direct debits.
conditions and in accordance with the same rights and
obligations, regardless of location within the Union.
SEPA should be completed in a way that facilitates
access for new market entrants and the development of
(5) Self-regulatory
efforts
of
the
European
banking
sector
new products, and creates favourable conditions for
through the SEPA initiative have not proven sufficient
increased competition in payment services and for
to drive forward concerted migration to Union-
the unhindered development and swift, Union-wide
wide schemes for credit transfers and direct debits on
both the supply and the demand side. In particular,
( 1 ) OJ C 155, 25.5.2011, p. 1.
( 2 ) OJ C 218, 23.7.2011, p. 74.
( 4 ) OJ C 87 E, 1.4.2010, p. 166.
( 3 ) Position of the European Parliament of 14 February 2012 (not yet
( 5 ) OJ C 349 E, 22.12.2010, p. 43.
published in the Official Journal) and Council decision of 28 February
( 6 ) OJ L 319, 5.12.2007, p. 1.
2012.
( 7 ) OJ L 266, 9.10.2009, p. 11.

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EN
30.3.2012 Official
Journal
of
the
European
Union L
94/23
consumer and other user interests have not been taken
the regulation of the end-dates for credit transfers and
into account in a sufficient and transparent way. The
direct debits provided for in this Regulation should apply
voice of all relevant stakeholders should be heard.
only to the credit transfer or direct debit underlying
Moreover, that self-regulatory process has not been
those transactions.
subject to appropriate governance mechanisms, which
may partly explain the slow uptake on the demand
side. While the recent establishment of the SEPA
Council represents a significant improvement of the
(8) In
the
vast
majority
of
payment
transactions
in
the
governance of the SEPA project, fundamentally and
Union, it is possible to identify a unique payment
formally governance still remains very much in the
account using only IBAN without additionally specifying
hands of the European Payments Council (EPC). The
BIC. Reflecting this reality, banks in a number of Member
Commission should therefore review the governance
States have already established a directory, database or
arrangements of the whole SEPA project before the end
other technical means to identify the BIC corresponding
of 2012 and, where necessary, make a proposal. That
to a specific IBAN. BIC is required only in a very small,
review should examine, inter alia, the composition of
residual number of cases. It seems unjustified and
the EPC, the interaction between the EPC and an over
excessively burdensome to oblige all payers and payees
arching governance structure, such as the SEPA Council,
throughout the Union always to provide BIC in addition
and the role of that overarching structure.
to IBAN for the small number of cases where this is
currently necessary. A much simpler approach would
be for PSPs and other parties to solve and eliminate
those cases where a payment account cannot be
identified unambiguously by a given IBAN. Therefore
(6) Only
rapid
and
comprehensive
migration
to
Union-wide
the necessary technical means should be developed to
credit transfers and direct debits will generate the full
enable all users to identify unambiguously a payment
benefits of an integrated payments market, so that the
account by IBAN alone.
high costs of running both ‘legacy’ and SEPA products in
parallel can be eliminated. Rules should therefore be laid
down to cover the execution of all credit transfer and
direct debit transactions denominated in euro within the
Union. However, card transactions should not be covered
(9) For
a
credit
transfer
to
be
executed,
the
payee’s
payment
at this stage, since common standards for Union card
account must be reachable. Therefore, in order to
payments are still under development. Money remittance,
encourage the successful take-up of Union-wide credit
internally processed payments, large-value payment trans
transfer and direct debit services, a reachability obligation
actions, payments between payment service providers
should be established across the Union. To improve
(PSPs) for their own account and payments via mobile
transparency, it is furthermore appropriate to consolidate
phone or any other means of telecommunication or
that obligation and the reachability obligation for direct
digital or IT device should not fall within the scope of
debits already established under Regulation (EC) No
those rules since those payment services are not
924/2009 in a single act. All payee payment accounts
comparable to credit transfers or direct debits. Where a
reachable for a national credit transfer should also be
payment card at the point of sale or some other device
reachable via a Union-wide credit transfer scheme. All
such as a mobile phone is used as the means to initiate a
payers’ payment accounts reachable for a national
payment transaction, either at the point of sale or
direct debit should also be reachable via a Union-wide
remotely, which directly results in a credit transfer or a
direct debit scheme. This should apply whether or not a
direct debit to and from a payment account identified by
PSP decides to participate in a particular credit transfer or
the existing national basic bank account number (BBAN)
direct debit scheme.
or the international bank account number (IBAN), that
payment transaction should, however, be included. In
addition, given the specific characteristics of payments
processed through large-value payment systems, namely
(10) Technical interoperability is a prerequisite for
their high priority, urgency, and primarily large amount,
competition. In order to create an integrated market
it is not appropriate to cover such payments under this
for electronic payments systems in euro, it is essential
Regulation. That exclusion should not include direct
that the processing of credit transfers and direct debits is
debit payments, unless the payer has explicitly
not hindered by business rules or technical obstacles such
requested the payment be routed via a large-value
as compulsory adherence to more than one system for
payment system.
settling cross-border payments. Credit transfers and direct
debits should be carried out under a scheme, the basic
rules of which are adhered to by PSPs representing a
majority of PSPs within a majority of the Member
States and constituting a majority of PSPs within the
(7) Several
payment
services
currently
exist,
mostly
for
Union, and which are the same both for cross-border
payments through the internet, which also use IBAN
and for purely national credit transfer and direct debit
and the business identifier code (BIC) and are based on
transactions. Where there is more than one payment
credit transfers or direct debits but have additional
system for the processing of such payments, those
features. Those services are expected to extend beyond
payment systems should be interoperable through the
their current national borders and could fulfil a consumer
use of Union-wide and international standards so that
demand for innovative, safe and cheap payment services.
all PSUs and all PSPs can enjoy the benefits of
In order not to foreclose such services from the market,
seamless retail euro payments across the Union.

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L 94/24
EN
Official Journal of the European Union
30.3.2012
(11) Given the specific characteristics of the business market,
consumers. PSPs should be able to agree, bilaterally or
whilst business-to-business credit transfer or direct debit
multilaterally, on the expansion of the basic Latin
schemes need to comply with all other provisions in this
character set to support regional variations of SEPA
Regulation, including having the same rules for cross-
standard messages.
border and national transactions, the requirement that
participants represent a majority of PSPs within the
majority of Member States should apply only to the
extent that PSPs providing business-to-business credit
(15) It
is
absolutely
crucial
that
all
actors,
and
particularly
transfer or direct debit services represent a majority of
Union citizens, are properly informed, in a timely
PSPs in the majority of Member States where such
manner, so that they are fully prepared for the changes
services are available, and constitute a majority of PSPs
brought about by SEPA. Key stakeholders such as PSPs,
providing such services within the Union.
public administrations and national central banks as well
as other heavy users of regular payments should
therefore carry out specific and extensive information
campaigns, proportionate to the need and tailored to
(12) It is crucial to identify technical requirements
their audience as may be necessary, in order to raise
unambiguously determining the features which Union-
public awareness and prepare citizens for SEPA
wide payment schemes to be developed under appro
migration. In particular, there is a need to familiarise
priate governance arrangements have to respect in
citizens with migration from BBAN to IBAN. National
order to ensure interoperability between payment
SEPA coordination committees are best placed to coor
systems. Such technical requirements should not restrict
dinate such information campaigns.
flexibility and innovation but should be open to and
neutral towards potential new developments and
improvements in the payments market. Technical
requirements should be designed taking into account
(16) In
order
to
allow
a
concerted
transition
process
in
the
the special characteristics of credit transfers and direct
interests of clarity and simplicity for consumers, it is
debits, in particular with regard to the data elements
appropriate to set a single migration deadline by which
contained in the payment message.
all credit transfers and direct debit transactions should
comply with those technical requirements, while leaving
the market open for further development and innovation.
(13) It is important to take measures to strengthen the
confidence of PSUs in the use of such services, especially
for direct debits. Such measures should allow payers to
(17) For
a
transitional
period,
Member
States
should
be
able
instruct their PSPs to limit direct debit collection to a
to permit PSPs to allow consumers to continue using
certain amount or a certain periodicity and to establish
BBAN for national payment transactions on condition
specific positive or negative lists of payees. Within the
that interoperability is ensured by converting BBAN tech
framework of the establishment of Union-wide direct
nically and securely into the respective unique payment
debit schemes, it is appropriate that consumers are able
account identifier by the PSP concerned. The PSP should
to benefit from such checks. Nevertheless for the
not levy any direct or indirect charges or other fees
practical implementation of such checks on payees, it is
linked to that service.
important that PSPs are able to check on the basis of
IBAN, and, for a transitional period, but only where
necessary, BIC, or some other unique creditor identifier
of specified payees. Other relevant rights of users are
(18) Although
the
level
of
development
of
credit
transfer
and
already established in Directive 2007/64/EC and should
direct debit services differs from one Member State to
be fully ensured.
another, a common deadline at the end of an adequate
period for implementation, which allows for all the
necessary processes to take place would contribute to a
coordinated, coherent and integrated migration to SEPA
(14) Technical standardisation is a cornerstone for the inte
and would help prevent a two-speed SEPA, which would
gration of networks, such as the Union payments market.
cause greater confusion among consumers.
The use of standards developed by international or
European standardisation bodies should be mandatory
as from a given date for all relevant transactions. In
the payment context, such mandatory standards are
(19) PSPs
and
PSUs
should
have
sufficient
time
to
adapt
to
IBAN, BIC, and the financial services messaging
the technical requirements. However, the adaptation
standard ‘ISO 20022 XML’. The use of those standards
period should not unnecessarily delay the benefits to
by all PSPs is therefore a requirement for full interoper
consumers or penalise the efforts of proactive operators
ability throughout the Union. In particular, the
that have already moved towards SEPA. For national
mandatory use of IBAN and BIC where necessary
payment and cross-border payment transactions, the
should be promoted through comprehensive communi
PSPs should provide their retail customers with the
cation and facilitating measures in Member States in
necessary technical services in order to ensure a
order to allow a smooth and easy transition to Union-
smooth and secure conversion to the technical
wide credit transfers and direct debits, in particular for
requirements laid down in this Regulation.

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EN
30.3.2012 Official
Journal
of
the
European
Union L
94/25
(20) It is important to provide legal certainty to the payments
minimise the impact of migration on PSUs, should help
industry on business models for direct debits. Regulation
both sides of the market to focus first on the migration
of multilateral interchange fees (MIFs) for direct debits is
of the bulk of credit transfers and direct debits, thereby
essential to create neutral conditions of competition
allowing the majority of the potential benefits of an
between PSPs and so to permit the development of a
integrated payments market in the Union to be reaped
single market for direct debits. Such fees for transactions
earlier. In some Member States, specific direct debit
which are rejected, refused, returned or reversed because
instruments exist which seem very similar to payment
they cannot be properly executed or result in exception
card transactions in that the payer uses a card at the
processing (so-called ‘R-transactions’ where the letter ‘R’
point of sale to initiate the payment transaction but
can signify ‘reject’, ‘refusal’, ‘return’, ‘reversal’, ‘revocation’
the underlying payment transaction is a direct debit. In
or ‘request for cancellation’), could help to allocate costs
such payment transactions the card is used only for a
efficiently within the internal market. Therefore, it would
read-out in order to facilitate the electronic generation of
appear beneficial for the creation of an effective
the mandate, which has to be signed by the payer at the
European direct debit market to prohibit per transaction
point of sale. Although such payment services cannot be
MIF. Nevertheless, R-transaction fees should be allowed,
classified as a niche product, there is a need for a tran
provided that they comply with certain conditions. PSPs
sitional period in relation to such payment services
must provide clear and understandable information to
because of the substantial transaction volume involved.
consumers on R-transaction fees in the interests of trans
In order to enable the stakeholders to implement an
parency and consumer protection. In any event, the R-
adequate SEPA substitute, that transitional period
transaction rules are without prejudice to the application
should be of sufficient length.
of Articles 101 and 102 of the Treaty on the Functioning
of the European Union (TFEU). Furthermore, it should be
noted that in general direct debits and card payments
have different characteristics, in particular in terms of
the higher potential for payees to provide incentives for
(24) For the proper functioning of the internal market for
the use of a direct debit by payers through a pre-existing
payments it is essential to ensure that payers such as
contract between the payee and the payer, whilst for card
consumers, businesses or public authorities are able to
payments no such prior contract exists and the payment
send credit transfers to payment accounts held by the
transaction is often an isolated and irregular event.
payees with PSPs which are located in other Member
Therefore, the provisions on MIFs for direct debits are
States and which are reachable in accordance with this
without prejudice to the analysis under Union
Regulation.
competition rules of MIFs for payment card transactions.
Additional optional services are not covered by the
prohibition under this Regulation where they are clearly
and unequivocally distinct from the core direct debit
services and where PSPs and PSUs are completely at
(25) In order to secure a smooth transition to SEPA, a valid
liberty to offer or use such services. Nevertheless they
payee authorisation to collect recurring direct debits in a
remain subject to Union and national competition rules.
legacy scheme should remain valid after the migration
deadline established in this Regulation. Such an authori
sation should be considered as representing consent to
the payer’s PSP to execute the recurring direct debits
collected by the payee in compliance with this Regu
(21) Therefore,
the
possibility
to
apply
per
transaction
MIF
for
lation, in the absence of national law relating to the
national and cross-border direct debits should be limited
continued validity of the mandate or customer
in time and general conditions should be laid down for
agreements changing direct debit mandates to allow
the application of interchange fees for R-transactions.
their continuation. However, consumer rights must be
protected and where existing direct debit mandates
have unconditional refund rights, such rights should be
maintained.
(22) The
Commission
should
monitor
the
level
of
R-trans
action fees across the Union. R-transaction fees in the
internal market should converge over time so that they
do not vary across Member States to an extent to
(26) Competent
authorities
should
be
empowered
to
fulfil
threaten the level playing field.
their monitoring duties efficiently and to take all
necessary measures including considering complaints to
ensure that PSPs comply with this Regulation. Also,
Member States should ensure that complaints against
PSUs for not complying with this Regulation can be
(23) In
some
Member
States,
there
are
certain
legacy
payment
filed and that this Regulation can be enforced in an
services which are credit transfers or direct debits but
effective and efficient manner by administrative or
which have very specific functionalities, often due to
judicial means. To foster compliance with this Regulation
historical or legal reasons. The transaction volume of
the competent authorities of different Member States
such services is usually marginal. Such services could
should cooperate with each other and, where appro
therefore be classified as niche products. A transitional
priate, with the European Central Bank (ECB) and the
period for such niche products, sufficiently long to
national central banks of the Member States and other

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L 94/26
EN
Official Journal of the European Union
30.3.2012
relevant competent authorities, such as the European
cation of the technical requirements for a certain period.
Supervisory Authority (European Banking Authority)
Member States whose currency is not the euro should,
established by Regulation (EU) No 1093/2010 of the
however, comply with the technical requirements to
European Parliament and of the Council ( 1 ) (EBA),
create a true European payments area, which will
designated under Union or national legislation applicable
strengthen the internal market.
to PSPs.
(32) In
order
to
ensure
broad
public
support
for
SEPA,
a
high
(27) Member
States
should
lay
down
rules
on
the
penalties
level of protection for payers is essential, particularly for
applicable to infringements of this Regulation and should
direct debit transactions. The current and only pan-
ensure that those penalties are effective, proportionate
European direct debit scheme for consumers developed
and dissuasive and that they are applied. Those
by the EPC provides for a ‘no-questions-asked’, uncon
penalties should not be applied to consumers.
ditional refund right for authorised payments during a
period of 8 weeks from the date on which the funds
were debited, while that refund right is subject to
several conditions under Articles 62 and 63 of
(28) In
order
to
ensure
that
redress
is
possible
where
this
Directive 2007/64/EC. In the light of the prevailing
Regulation has been incorrectly applied, or where
market situation and of the necessity to ensure a high
disputes occur between PSUs and PSPs concerning
level of consumer protection, the impact of those
rights and obligations arising under this Regulation,
provisions should be assessed in the report that, in
Member States should establish adequate and effective
accordance with Article 87 of Directive 2007/64/EC,
out-of-court complaint and redress procedures. Member
the Commission shall, no later than 1 November 2012,
States should be able to decide that those procedures
present to the European Parliament, the Council, the
apply only to consumers or only to consumers and
European Economic and Social Committee and the ECB
microenterprises.
accompanied, where appropriate, by a proposal for its
revision.
(29) The
Commission
should
submit
a
report
to
the
European
Parliament, the Council, the European Economic and
(33) Directive
95/46/EC
of
the
European
Parliament
and
of
Social Committee, EBA and the ECB on the application
the Council of 24 October 1995 on the protection of
of this Regulation. The report should be accompanied,
individuals with regard to the processing of personal data
where necessary, by a proposal for the amendment of
and on the free movement of such data ( 2 ) governs the
this Regulation.
processing of personal data carried out pursuant to this

Regulation. Migration to SEPA and the introduction of
common standards and rules for payments should be
based on compliance with national law on the protection
of sensitive personal data in Member States and should
(30) In
order
to
ensure
that
the
technical
requirements
for
credit transfers and direct debits in euro remain up to
safeguard the interests of Union citizens.
date, the power to adopt acts in accordance with
Article 290 TFEU should be delegated to the
Commission in respect of those technical requirements.
(34) Financial
messages
relating
to
payments
and
transfers
in
In the Declaration (No 39) on Article 290 TFEU, annexed
the SEPA are outside the scope of the Agreement
to the Final Act of the Intergovernmental Conference
between the European Union and the United States of
which adopted the Treaty of Lisbon, the Conference
America of 28 June 2010 on the processing and transfer
took note of the Commission’s intention to continue
of Financial Messaging Data from the European Union to
to consult experts appointed by the Member States in
the United States for the purposes of the Terrorist
the preparation of draft delegated acts in the financial
Finance Tracking Program ( 3 ).
services area, in accordance with its established practice.
It is of particular importance that the Commission carry
out appropriate and transparent consultation during its
preparatory work, including with the ECB and all relevant
(35) Since
the
objective
of
this
Regulation,
namely
estab
stakeholders. The Commission, when preparing and
lishing technical and business requirements for credit
drawing up delegated acts, should ensure a simultaneous,
transfers and direct debits in euro, cannot be sufficiently
timely and appropriate transmission of relevant
achieved by the Member States and can therefore, by
documents to the European Parliament and the Council.
reason of its scale or effects, be better achieved at
Union level, the Union may adopt measures in
accordance with the principle of subsidiarity as set out
in Article 5 of the Treaty on European Union. In
(31) Since
PSPs
located
in
Member
States
whose
currency
is
accordance with the principle of proportionality, as set
not the euro would need to undertake special preparatory
out in that Article, this Regulation does not go beyond
work outside the payments market for their national
what is necessary in order to achieve that objective.
currency, such PSPs should be allowed to defer the appli
( 2 ) OJ L 281, 23.11.1995, p. 31.
( 1 ) OJ L 331, 15.12.2010, p. 12.
( 3 ) OJ L 195, 27.7.2010, p. 5.

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EN
30.3.2012 Official
Journal
of
the
European
Union L
94/27
(36) Pursuant to Article 5(1) of Regulation (EC) No
information required to directly make a credit transfer or
924/2009, Member States are to remove settlement-
direct debit to and from a payment account identified by
based national reporting obligations on PSPs for
BBAN or IBAN;
balance of payments statistics relating to payment trans
actions of their customers of up to EUR 50 000. The
collection of balance-of-payments statistics based on
(d) payment transactions by means of any telecommunication,
settlements emerged after the end of foreign exchange
digital or IT device, if such payment transactions do not
controls and until now, constitutes a major data source
result in a credit transfer or direct debit to and from a
alongside others such as direct surveys, contributing to
payment account identified by BBAN or IBAN;
good quality statistics. From the beginning of the 1990s
some Member States opted to rely more on information
(e) transactions of money remittance as defined in point (13) of
reported directly by companies and households than on
Article 4 of Directive 2007/64/EC;
data reported through banks on behalf of their
customers. Although settlement-based reporting
represents a solution that, in terms of society as a
(f) payment transactions transferring electronic money as
whole, reduces the cost of balance-of-payments
defined in point (2) of Article 2 of Directive 2009/110/EC
compilation while assuring good-quality statistics, in
of the European Parliament and of the Council of
strict terms of cross-border payments the maintenance
16 September 2009 on the taking up, pursuit and
of such reporting in some Member States might
prudential supervision of the business of electronic money
diminish efficiency and increases costs. Since one aim
institutions ( 1 ), unless such transactions result in a credit
of SEPA is to reduce the costs of cross-border
transfer or direct debit to and from a payment account
payments, settlement-based balance-of-payments
identified by BBAN or IBAN.
reporting should be abolished completely.
3. Where payment schemes are based on payment trans
actions by credit transfers or direct debits but have additional
(37) In
order
to
enhance
legal
certainty
it
is
appropriate
to
optional features or services, this Regulation applies only to the
align the deadlines for interchange fees set out in
underlying credit transfers or direct debits.
Article 7 of Regulation (EC) No 924/2009 with the
provisions laid down in this Regulation.
Article 2
Definitions
(38) Regulation (EC) No 924/2009 should therefore be
amended accordingly,
For the purposes of this Regulation, the following definitions
apply:
HAVE ADOPTED THIS REGULATION:
(1) ‘credit transfer’ means a national or cross-border payment
service for crediting a payee’s payment account with a
payment transaction or a series of payment transactions
Article 1
from a payer’s payment account by the PSP which holds
Subject matter and scope
the payer’s payment account, based on an instruction
given by the payer;
1. This
Regulation
lays
down
rules
for
credit
transfer
and
direct debit transactions denominated in euro within the
Union where both the payer’s payment service provider and
(2) ‘direct debit’ means a national or cross-border payment
the payee’s payment service provider are located in the Union,
service for debiting a payer’s payment account, where a
or where the sole payment service provider (PSP) involved in
payment transaction is initiated by the payee on the basis
the payment transaction is located in the Union.
of the payer’s consent;
(3) ‘payer’ means a natural or legal person who holds a
2. This
Regulation
does
not
apply
to
the
following:
payment account and allows a payment order from that
payment account or, where there is no payer’s payment
account, a natural or legal person who makes a payment
(a) payment transactions carried out between and within PSPs,
order to a payee’s payment account;
including their agents or branches, for their own account;
(4) ‘payee’ means a natural or legal person who holds a
payment account and who is the intended recipient of
(b) payment transactions processed and settled through large-
funds which have been the subject of a payment trans
value payment systems, excluding direct debit payment
action;
transactions which the payer has not explicitly requested
be routed via a large-value payment system;
(5) ‘payment account’ means an account held in the name of
one or more payment service users which is used for the
(c) payment transactions through a payment card or similar
execution of payment transactions;
device, including cash withdrawals, unless the payment
card or similar device is used only to generate the
( 1 ) OJ L 267, 10.10.2009, p. 7.

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L 94/28
EN
Official Journal of the European Union
30.3.2012
(6) ‘payment system’ means a funds transfer system with
payment transactions in XML syntax, in accordance with
formal and standardised arrangements and common rules
business rules and implementation guidelines of Union-
for the processing, clearing or settlement of payment
wide schemes for payment transactions falling within the
transactions;
scope of this Regulation;
(7) ‘payment scheme’ means a single set of rules, practices,
(18) ‘large-value payment system’ means a payment system the
standards and/or implementation guidelines agreed
main purpose of which is to process, clear or settle single
between PSPs for the execution of payment transactions
payment transactions of high priority and urgency, and
across the Union and within Member States, and which is
primarily of large amount;
separated from any infrastructure or payment system that
supports its operation;
(19) ‘settlement date’ means a date on which obligations with
(8) ‘PSP’ means a payment service provider falling under any
respect to the transfer of funds are discharged between the
of the categories referred to in Article 1(1) of Directive
payer’s PSP and the payee’s PSP;
2007/64/EC and the legal and natural persons referred to
in Article 26 of Directive 2007/64/EC, but excludes the
(20) ‘collection’ means a part of a direct debit transaction
bodies listed in Article 2 of Directive 2006/48/EC of the
starting from its initiation by the payee until its end
European Parliament and of the Council of 14 June 2006
through the normal debiting of the payer’s payment
relating to the taking up and pursuit of the business of
account;
credit institutions ( 1 ) benefiting from a waiver under
Article 2(3) of Directive 2007/64/EC;
(21) ‘mandate’ means the expression of consent and authori
sation given by the payer to the payee and (directly or
(9) ‘PSU’ means a natural or legal person making use of a
indirectly via the payee) to the payer’s PSP to allow the
payment service in the capacity of payer or payee;
payee to initiate a collection for debiting the payer’s
specified payment account and to allow the payer’s PSP
(10) ‘payment transaction’ means an act, initiated by the payer
to comply with such instructions;
or by the payee of transferring funds between payment
accounts in the Union, irrespective of any underlying
obligations between the payer and the payee;
(22) ‘retail payment system’ means a payment system the main
purpose of which is to process, clear or settle credit
transfers or direct debits, which are generally bundled
(11) ‘payment order’ means an instruction by a payer or payee
together for transmission and are primarily of small
to his PSP requesting the execution of a payment trans
amount and low priority, and that is not a large-value
action;
payment system;
(12) ‘interchange fee’ means a fee paid between the payer’s PSP
(23) ‘microenterprise’ means an enterprise, which at the time of
and the payee’s PSP for direct debit transactions;
conclusion of the payment service contract, is an
enterprise as defined in Article 1 and Article 2(1) and
(13) ‘MIF’ means a multilateral interchange fee which is subject
(3) of the Annex to Commission Recommendation
to an arrangement between more than two PSPs;
2003/361/EC ( 2 );
(14) ‘BBAN’ means a payment account number identifier, which
(24) ‘consumer’ means a natural person acting for purposes
unambiguously identifies an individual payment account
other than trade, business or profession in payment
with a PSP in a Member State and which can only be
service contracts;
used for national payment transactions while the same
payment account is identified by IBAN for cross-border
payment transactions;
(25) ‘R-transaction’ means a payment transaction which cannot
be properly executed by a PSP or which results in
(15) ‘IBAN’ means an international payment account number
exception processing, inter alia, because of a lack of
identifier, which unambiguously identifies an individual
funds, revocation, a wrong amount or a wrong date, a
payment account in a Member State, the elements of
lack of mandate or wrong or closed account;
which are specified by the International Organisation for
Standardisation (ISO);
(26) ‘cross-border payment transaction’ means a payment trans
action initiated by a payer or by a payee where the payer’s
(16) ‘BIC’ means a business identifier code that unambiguously
PSP and the payee’s PSP are located in different Member
identifies a PSP, the elements of which are specified by the
States;
ISO;
(27) ‘national payment transaction’ means a payment trans
(17) ‘ISO 20022 XML standard’ means a standard for the devel
action initiated by a payer or by a payee, where the
opment of electronic financial messages as defined by the
payer’s PSP and the payee’s PSP are located in the same
ISO, encompassing the physical representation of the
Member State;
( 1 ) OJ L 177, 30.6.2006, p. 1.
( 2 ) OJ L 124, 20.5.2003, p. 36.

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EN
30.3.2012 Official
Journal
of
the
European
Union L
94/29
(28) ‘reference party’ means a natural or legal person on behalf
and securities settlement systems ( 1 ) shall only be obliged to
of whom a payer makes a payment or a payee receives a
ensure technical interoperability with other payment systems
payment.
designated under the same Directive.
Article 3
3. The processing of credit transfers and direct debits shall
not be hindered by technical obstacles.
Reachability
1. A
payee’s
PSP
which
is
reachable
for
a
national
credit 4. The
payment
scheme
owner
or,
where
there
is
no
formal
transfer under a payment scheme shall be reachable, in
payment scheme owner, the leading participant of a new
accordance with the rules of a Union-wide payment scheme,
entrant retail payment scheme which has participants in at
for credit transfers initiated by a payer through a PSP located in
least eight Member States, may apply to the competent auth
any Member State.
orities in the Member State where the payment scheme owner
or leading participant is located for a temporary exemption
from the conditions set out in point (b) of the first
2. A
payer’s
PSP
which
is
reachable
for
a
national
direct
debit subparagraph of paragraph 1. Those competent authorities
under a payment scheme shall be reachable, in accordance with
may grant, after consulting the competent authorities in the
the rules of a Union-wide payment scheme, for direct debits
other Member States where the new entrant payment scheme
initiated by a payee through a PSP located in any Member State.
has a participant, the Commission and the ECB, such an
exemption for a maximum of 3 years. Those competent auth
orities shall base their decision on the potential of the new
entrant payment scheme to develop into a fully fledged pan-
3. Paragraph
2
shall
apply
only
to
direct
debits
which
are European payment scheme and its contribution to improving
available to consumers as payers under the payment scheme.
competition or promoting innovation.
Article 4
5. With
the
exception
of
payment
services
benefiting
from
a
waiver under Article 16(4), this Article shall be effective by
Interoperability
1 February 2014.
1. Payment
schemes
to
be
used
by
PSPs
for
the
purposes
of
carrying out credit transfers and direct debits shall comply with
the following conditions:
Article 5
Requirements for credit transfer and direct debit
transactions
(a) their rules are the same for national and cross-border credit
1. PSPs shall carry out credit transfer and direct debit trans
transfer transactions within the Union and similarly for
actions in accordance with the following requirements:
national and cross-border direct debit transactions within
the Union; and
(a) they must use the payment account identifier specified in
point (1)(a) of the Annex for the identification of payment
(b) the participants in the payment scheme represent a majority
accounts regardless of the location of the PSPs concerned;
of PSPs within a majority of Member States, and constitute
a majority of PSPs within the Union, taking into account
only PSPs that provide credit transfers or direct debits
(b) they must use the message formats specified in point (1)(b)
respectively.
of the Annex, when transmitting payment transactions to
another PSP or via a retail payment system;
For the purposes of point (b) of the first subparagraph, where
(c) they must ensure that PSUs use the payment account
neither the payer nor the payee is a consumer, only Member
identifier specified in point (1)(a) of the Annex for the
States where such services are made available by PSPs and only
identification of payment accounts, whether the payer’s
PSPs providing such services shall be taken into account.
PSP and the payee’s PSP or the sole PSP in the payment
transaction are located in the same Member State or in
different Member States;
2. The
operator
or,
in
the
absence
of
a
formal
operator,
the
participants of a retail payment system within the Union shall
ensure that their payment system is technically interoperable
(d) they must ensure that where a PSU that is not a consumer
with other retail payment systems within the Union through
or a microenterprise, initiates or receives individual credit
the use of standards developed by international or European
transfers or individual direct debits which are not trans
standardisation bodies. In addition, they shall not adopt
mitted individually, but are bundled together for trans
business rules that restrict interoperability with other retail
mission, the message formats specified in point (1)(b) of
payment systems within the Union. Payment systems designated
the Annex are used.
under Directive 98/26/EC of the European Parliament and of
the Council of 19 May 1998 on settlement finality in payment
( 1 ) OJ L 166, 11.6.1998, p. 45.

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L 94/30
EN
Official Journal of the European Union
30.3.2012
Without prejudice to point (b) of the first subparagraph, PSPs
(iii) to block any direct debits to the payer’s payment
shall, upon the specific request of a PSU, use the message
account or to block any direct debits initiated by one
formats specified in point (1)(b) of the Annex in relation to
or more specified payees or to authorise direct debits
that PSU.
only initiated by one or more specified payees;
2. PSPs
shall
carry
out
credit
transfers
in
accordance
with
the
following requirements, subject to any obligation laid down in
Where neither the payer nor the payee is a consumer, PSPs shall
the national law implementing Directive 95/46/EC:
not be required to comply with point (d)(i), (ii) or (iii).
(a) the payer’s PSP must ensure that the payer provides the data
elements specified in point (2)(a) of the Annex;
The payer’s PSP shall inform the payer of the rights referred to
in point (d) in accordance with Articles 41 and 42 of Directive
2007/64/EC.
(b) the payer’s PSP must provide the data elements specified in
point (2)(b) of the Annex to the payee’s PSP;
Upon the first direct debit transaction or a one-off direct debit
(c) the payee’s PSP must provide or make available to the payee
transaction and upon each subsequent direct debit transaction,
the data elements specified in point (2)(d) of the Annex.
the payee shall send the mandate-related information to his or
her PSP and the payee’s PSP shall transmit that mandate-related
information to the payer’s PSP with each direct debit trans
3. PSPs shall carry out direct debits in accordance with the
action.
following requirements, subject to any obligation laid down in
national law implementing Directive 95/46/EC:
4. In addition to the requirements referred to in paragraph 1,
the payee accepting credit transfers shall communicate its
(a) the payee’s PSP must ensure that:
payment account identifier specified in point (1)(a) of the
Annex and, until 1 February 2014 for national payment trans
(i) the payee provides the data elements specified in point
actions and until 1 February 2016 for cross-border payment
(3)(a) of the Annex with the first direct debit and one-
transactions, but only where necessary, its PSP’s BIC to its
off direct debit and with each subsequent payment
payers, when a credit transfer is requested.
transaction,
5. Before
the
first
direct
debit
transaction,
a
payer
shall
(ii) the payer gives consent both to the payee and to the
communicate its payment account identifier specified in point
payer’s PSP (directly or indirectly via the payee), the
(1)(a) of the Annex. The BIC of a payer’s PSP shall be
mandates, together with later modifications or cancel
communicated until 1 February 2014 for national payment
lation, are stored by the payee or by a third party on
transactions and until 1 February 2016 for cross-border
behalf of the payee and the payee is informed of this
payment transactions by the payer but only where necessary.
obligation by the PSP in accordance with Articles 41
and 42 of Directive 2007/64/EC;
6. Where the framework agreement between the payer and
(b) the payee’s PSP must provide the payer’s PSP with the data
the payer’s PSP does not provide for the right to a refund, the
elements specified in point (3)(b) of the Annex;
payer’s PSP shall, without prejudice to paragraph (3)(a)(ii), verify
each direct debit transaction to check whether the amount of
the submitted direct debit transaction is equal to the amount
(c) the payer’s PSP must provide or make available to the payer
and periodicity agreed in the mandate before debiting the
the data elements specified in point (3)(c) of the Annex;
payer’s payment account, based on the mandate-related
information.
(d) the payer must have the right to instruct its PSP:
7. After
1
February
2014
for
national
payment
transactions
(i) to limit a direct debit collection to a certain amount or
and after 1 February 2016 for cross-border payment trans
periodicity or both,
actions PSPs shall not require PSUs to indicate the BIC of the
PSP of a payer or of the PSP of a payee.
(ii) where a mandate under a payment scheme does not
provide for the right to a refund, to verify each direct
debit transaction, and to check whether the amount
8. The payer’s PSP and the payee’s PSP shall not levy
and periodicity of the submitted direct debit transaction
additional charges or other fees on the read-out process to
is equal to the amount and periodicity agreed in the
automatically generate a mandate for those payment trans
mandate, before debiting their payment account, based
actions initiated through or by means of a payment card at
on the mandate-related information,
the point of sale, which result in direct debit.

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EN
30.3.2012 Official
Journal
of
the
European
Union L
94/31
Article 6
from charging PSUs in respect of a given type of R-trans
action fees that exceed the cost borne by the PSP for such
End-dates
transactions;
1. By
1
February
2014,
credit
transfers
shall
be
carried
out
in
accordance with the technical requirements set out in
Article 5(1), (2) and (4) and points 1 and 2 of the Annex.
(b) the fees are strictly cost based;
(c) the level of the fees does not exceed the actual costs of
2. By
1
February
2014,
direct
debits
shall
be
carried
out
in
handling an R-transaction by the most cost-efficient
accordance with Article 8(2) and (3) and with the requirements
comparable PSP that is a representative party to the
set out in Article 5(1), (3), (5), (6) and (8) and points 1 and 3 of
arrangement in terms of volume of transactions and
the Annex.
nature of services;
(d) the application of the fees in accordance with points (a), (b)
3. Without
prejudice
to
Article
3,
direct
debits
shall
be
and (c) prevent the PSP from charging additional fees
carried out in accordance with the requirements set out in
relating to the costs covered by those interchange fees to
Article 8(1) by 1 February 2017 for national payments and
their respective PSUs;
by 1 November 2012 for cross-border payments.
(e) there is no practical and economically viable alternative to
4. For national payment transactions a Member State or,
the arrangement which would lead to an equally or more
with the approval of the Member State concerned, the PSPs
efficient handling of R-transactions at equal or lower cost to
of a Member State may, after taking into account and evaluating
consumers.
the state of preparedness and readiness of their citizens, set
earlier dates than those referred to in paragraphs 1 and 2.
For the purposes of the first subparagraph, only cost categories
directly and unequivocally relevant to the handling of the R-
transaction shall be considered in the calculation of the R-trans
Article 7
action fees. Those costs shall be precisely determined. The
Validity of mandates and right to a refund
breakdown of the amount of the costs, including separate
identification of each of its components, shall be part of the
1. A
valid
payee
authorisation
to
collect
recurring
direct arrangement to allow for easy verification and monitoring.
debits in a legacy scheme prior to 1 February 2014 shall
continue to remain valid after that date and shall be considered
as representing the consent to the payer’s PSP to execute the
3. Paragraphs 1 and 2 shall apply mutatis mutandis to
recurring direct debits collected by that payee in compliance
unilateral arrangements by a PSP and to bilateral arrangements
with this Regulation in the absence of national law or
between PSPs that have an object or effect equivalent to that of
customer agreements continuing the validity of direct debit
a multilateral arrangement.
mandates.
Article 9
2. Mandates
as
referred
to
in
paragraph
1
shall
allow
for
Payment accessibility
unconditional refunds and refunds backdated to the date of
the refunded payment where such refunds have been provided
1. A payer making a credit transfer to a payee holding a
for within the framework of the existing mandate.
payment account located within the Union shall not specify
the Member State in which that payment account is to be
located, provided that the payment account is reachable in
accordance with Article 3.
Article 8
Interchange fees for direct debit transactions
2. A payee accepting a credit transfer or using a direct debit
1. Without
prejudice
to
paragraph
2,
no
MIF
per
direct
debit to collect funds from a payer holding a payment account
transaction or other agreed remuneration with an equivalent
located within the Union shall not specify the Member State
object or effect shall apply to direct debit transactions.
in which that payment account is to be located, provided that
the payment account is reachable in accordance with Article 3.
2. For
R-transactions
a
MIF
may
be
applied
provided
that
the
Article 10
following conditions are complied with:
Competent authorities
1. Member
States
shall
designate
as
the
competent
auth
(a) the arrangement aims at efficiently allocating costs to the
orities responsible for ensuring compliance with this Regulation
PSP which, or the PSU of which, has caused the R-trans
public authorities, bodies recognised by national law or public
action, as appropriate, while taking into account the
authorities expressly empowered for that purpose by national
existence of transaction costs and ensures that the payer
law, including national central banks. Member States may
is not automatically charged and the PSP is prohibited
designate existing bodies to act as competent authorities.

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L 94/32
EN
Official Journal of the European Union
30.3.2012
2. Member
States
shall
notify
the
Commission
of
the
Article 13
competent authorities designated under paragraph 1 by
1 February 2013. They shall notify the Commission and the
Delegation of power
European Supervisory Authority (European Banking Authority)
The Commission shall be empowered to adopt delegated acts in
(EBA) without delay of any subsequent change concerning those
accordance with Article 14 to amend the Annex, in order to
authorities.
take account of technical progress and market developments.
Article 14
3. Member
States
shall
ensure
that
the
competent
authorities
referred to in paragraph 1 have all the powers necessary for the
Exercise of the delegation
performance of their duties. Where there is more than one
competent authority for matters covered by this Regulation
1. The
power
to
adopt
delegated
acts
is
conferred
on
the
on its territory, Member States shall ensure that those auth
Commission subject to the conditions laid down in this Article.
orities cooperate closely so that they can discharge their
respective duties effectively.
2.
The power to adopt delegated acts referred to in Article 13
shall be conferred on the Commission for a period of 5 years
from 31 March 2012. The Commission shall draw up a report
4. The
competent
authorities
shall
monitor
compliance
by in respect of the delegation of power not later than 9 months
PSPs with this Regulation effectively and take all necessary
before the end of the five-year period. The delegation of power
measures to ensure such compliance. They shall cooperate
shall be tacitly extended for periods of an identical duration,
with each other in accordance with Article 24 of Directive
unless the European Parliament or the Council opposes such
2007/64/EC and with Article 31 of Regulation (EU) No
extension not later than 3 months before the end of each
1093/2010.
period.
3. The
delegation
of
power
referred
to
in
Article
13
may
be
Article 11
revoked at any time by the European Parliament or by the
Penalties
Council. A decision to revoke shall put an end to the delegation
of the power specified in that decision. It shall take effect on the
1. Member
States
shall,
by
1
February
2013,
lay
down
rules day following the publication of the decision in the Official
on the penalties applicable to infringements of this Regulation
Journal of the European Union or on a later date specified
and shall take all measures necessary to ensure that they are
therein. It shall not affect the validity of any delegated acts
implemented. Such penalties shall be effective, proportionate
already in force.
and dissuasive. Member States shall notify the Commission of
those rules and measures by 1 August 2013 and shall notify it
without delay of any subsequent amendment affecting them.
4. As
soon
as
it
adopts
a
delegated
act,
the
Commission
shall
notify it simultaneously to the European Parliament and to the
Council.
2. The
penalties
referred
to
in
paragraph
1
shall
not
be
applied to consumers.
5. A
delegated
act
adopted
pursuant
to
Article
13
shall
enter
into force only if no objection has been expressed either by the
European Parliament or the Council within a period of 3
months of notification of that act to the European Parliament
Article 12
and the Council or if, before the expiry of that period, the
Out-of-court complaint and redress procedures
European Parliament and the Council have both informed the
Commission that they will not object. That period shall be
1. Member
States
shall
establish
adequate
and
effective
out- extended by 3 months at the initiative of the European
of-court complaint and redress procedures for the settlement of
Parliament or the Council.
disputes concerning rights and obligations arising from this
Regulation between PSUs and their PSPs. For those purposes,
Member States shall designate existing bodies or where appro
Article 15
priate, set up new bodies.
Review
By 1 February 2017, the Commission shall present to the
2. Member States shall notify the Commission of the bodies
European Parliament, the Council, the European Economic
referred to in paragraph 1 by 1 February 2013. They shall
and Social Committee, ECB and EBA a report on the application
notify the Commission without delay of any subsequent
of this Regulation accompanied, if appropriate, by a proposal.
change concerning those bodies.
Article 16
Transitional provisions
3. Member
States
may
provide
for
this
Article
to
apply
only
to PSUs that are consumers or only to those that are consumers
1. By way of derogation from Article 6(1) and (2), Member
and microenterprises. Member States shall inform the
States may allow PSPs to provide PSUs, until 1 February 2016,
Commission of any such provision by 1 August 2013.
with conversion services for national payment transactions

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EN
30.3.2012 Official
Journal
of
the
European
Union L
94/33
enabling PSUs that are consumers to continue using BBAN
relevant payment transactions as referred to in the respective
instead of the payment account identifier specified in point
paragraphs or subparagraphs and for a period not exceeding
(1)(a) of the Annex on condition that interoperability is
that of the derogation. Member States shall notify the
ensured by converting the payer’s and the payee’s BBAN tech
Commission of the payment transactions subject to the dero
nically and securely into the respective payment account
gation and of any subsequent change.
identifier specified in point (1)(a) of the Annex. That payment
account identifier shall be delivered to the initiating PSU, where
appropriate before the payment is executed. In such a case PSPs
8. PSPs
located
in,
and
PSUs
making
use
of
a
payment
shall not levy any charges or other fees on the PSU directly or
service in a Member State which does not have the euro as
indirectly linked to those conversion services.
its currency shall comply with the requirements of Articles 4
and 5 by 31 October 2016. Operators of retail payment
systems for a Member State which does not have the euro as
2. PSPs
that
offer
payment
services
denominated
in
euro
and its currency shall comply with the requirements of Article 4(2)
that are located in a Member State which does not have the
by 31 October 2016.
euro as its currency shall comply with Article 3 when offering
payment services denominated in euro by 31 October 2016. If,
however, the euro is introduced as the currency of any such
If, however, the euro is introduced as the currency of any such
Member State before 31 October 2015, the PSP located in that
Member State before 31 October 2015, the PSPs or where
Member State shall comply with Article 3 within 1 year of the
relevant operators of retail payment systems located and PSUs
date on which the Member State concerned joined the euro
making use of a payment service, in that Member State shall
area.
comply with the respective provisions within 1 year of the date
on which the Member State concerned joined the euro area, but
not earlier than the respective dates specified for the Member
States having the euro as their own currency on 31 March
3. Member
States
may
allow
their
competent
authorities
to 2012.
waive all or some of the requirements referred to in Article 6(1)
and (2) for those credit transfer or direct debit transactions with
a cumulative market share, based on the official payment stat
Article 17
istics published annually by the ECB, of less than 10 % of the
total number of credit transfers or direct debit transactions
Amendments to Regulation (EC) No 924/2009
respectively, in that Member State until 1 February 2016.
Regulation (EC) No 924/2009 is hereby amended as follows:
4. Member
States
may
allow
their
competent
authorities
to
(1) in Article 2, point (10) is replaced by the following:
waive all or some of the requirements referred to in Article 6(1)
and (2) for those payment transactions generated using a
payment card at the point of sale which result in direct debit
to and from a payment account identified by BBAN or IBAN
‘10. “funds” means banknotes and coins, scriptural money
until 1 February 2016.
and electronic money as defined in Article 2(2) of
Directive 2009/110/EC of the European Parliament
and of the Council of 16 September 2009 on the
taking up, pursuit and prudential supervision of the
5. By
way
of
derogation
from
Article
6(1)
and
(2),
Member
business of electronic money institutions (*).
States may allow their competent authorities, until 1 February
2016, to waive the specific requirement to use the message
formats specified in point (1)(b) of the Annex set out in
___________
Article 5(1)(d) for PSUs which initiate or receive individual
(*) OJ L 267, 10.10.2009, p. 7.’;
credit transfers or direct debits that are bundled together for
transmission. Notwithstanding a possible waiver, PSPs shall fulfil
the requirements set out in Article 5(1)(d) where a PSU requests
such a service.
(2) in Article 3, paragraph 1 is replaced by the following:
6. By
way
of
derogation
from
Article
6(1)
and
(2),
Member
‘1. Charges
levied
by
a
payment
service
provider
on
a
States may defer the requirements relating to provision of BIC
payment service user in respect of cross-border payments
for national payment transactions in Article 5(4), (5) and (7)
shall be the same as the charges levied by that payment
until 1 February 2016.
service provider on payment service users for corresponding
national payments of the same value and in the same
currency.’;
7. Where
a
Member
State
intends
to
make
use
of
a
dero
gation as provided for in paragraph 1, 3, 4, 5 or 6, that
Member State shall notify the Commission accordingly by
(3) Article 4 is amended as follows:
1 February 2013, and shall subsequently allow its competent
authority to waive, as relevant, some or all of the requirements
set out in Article 5, Article 6(1) or (2) and the Annex, for the
(a) paragraph 2 is deleted;

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(b) paragraph 3 is replaced by the following:
‘1. With
effect
from
1
February
2016,
Member
States
shall remove settlement-based national reporting obligations
‘3. The
payment
service
provider
may
levy
charges
on payment service providers for balance of payments stat
additional to those levied in accordance with Article 3(1)
istics relating to payment transactions of their customers.’;
on the payment service user where that user instructs
the payment service provider to execute the cross-
border payment without communicating IBAN and,
(5) Article 7 is amended as follows:
where appropriate and in accordance with Regulation
(EU) No 260/2012 of the European Parliament and of
(a) in paragraph 1, the date ‘1 November 2012’ is replaced
the Council of 14 March 2012 establishing technical
by ‘1 February 2017’;
and business requirements for credit transfers and
direct debits in euro and amending Regulation (EC)
No 924/2009 (*), the related BIC for the payment
(b) in paragraph 2, the date ‘1 November 2012’ is replaced
account in the other Member State. Those charges
by ‘1 February 2017’;
shall be appropriate and in line with the costs. They
shall be agreed between the payment service provider
and the payment service user. The payment service
(c) in paragraph 3, the date ‘1 November 2012’ is replaced
provider shall inform the payment service user of the
by ‘1 February 2017’;
amount of the additional charges in good time before
the payment service user is bound by such an
agreement.
(6) Article 8 is deleted.
___________
Article 18
(*) OJ L 94, 30.3.2012 p. 22.’;
Entry into force
This Regulation shall enter into force on the day following that
(4) in Article 5, paragraph 1 is replaced by the following:
of its publication in the Official Journal of the European Union.
This Regulation shall be binding in its entirety and directly applicable in all Member States.
Done at Strasbourg, 14 March 2012.
For the European Parliament
For the Council
The President
The President
M. SCHULZ
N. WAMMEN

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EN
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European
Union L
94/35
ANNEX
TECHNICAL REQUIREMENTS (ARTICLE 5)
(1) In addition to the essential requirements set out in Article 5, the following technical requirements shall apply to credit
transfers and direct debit transactions:
(a) The payment account identifier referred to in Article 5(1)(a) and (c) must be IBAN.
(b) The standard for message format referred to in Article 5(1)(b) and (d) must be the ISO 20022 XML standard.
(c) The remittance data field must allow for 140 characters. Payment schemes may allow for a higher number of
characters, except if the device used to remit information has technical limitations relating to the number of
characters, in which case the technical limit of the device applies.
(d) Remittance reference information and all the other data elements provided in accordance with points (2) and (3)
of this Annex must be passed in full and without alteration between PSPs in the payment chain.
(e) Once the required data is available in electronic form payment transactions must allow for a fully automated,
electronic processing in all process stages throughout the payment chain (end-to-end straight through processing),
enabling the entire payment process to be conducted electronically without the need for re-keying or manual
intervention. This must also apply to exceptional handling of credit transfers and direct debit transactions,
whenever possible.
(f) Payment schemes must set no minimum threshold for the amount of the payment transaction allowing for credit
transfers and direct debits but are not required to process payment transactions with zero amount.
(g) Payment schemes are not obliged to carry out credit transfers and direct debits exceeding the amount of
EUR 999 999 999,99.
(2) In addition to the requirements referred to in point (1), the following requirements shall apply to credit transfer
transactions:
(a) The data elements referred to in Article 5(2)(a) are the following:
(i) the payer’s name and/or the IBAN of the payer’s payment account,
(ii) the amount of the credit transfer,
(iii) the IBAN of the payee’s payment account,
(iv) where available, the payee’s name,
(v) any remittance information.
(b) The data elements referred to in Article 5(2)(b) are the following:
(i) the payer’s name,
(ii) the IBAN of the payer’s payment account,
(iii) the amount of the credit transfer,
(iv) the IBAN of the payee’s payment account,
(v) any remittance information,
(vi) any payee identification code,
(vii) the name of any payee reference party,
(viii) any purpose of the credit transfer,
(ix) any category of the purpose of the credit transfer.
(c) In addition, the following mandatory data elements are to be provided by the payer’s PSP to the payee’s PSP:
(i) the BIC of the payer’s PSP (if not agreed otherwise by the PSPs involved in the payment transaction),

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30.3.2012
(ii) the BIC of the payee’s PSP (if not agreed otherwise by the PSPs involved in the payment transaction),
(iii) the identification code of the payment scheme,
(iv) the settlement date of the credit transfer,
(v) the reference number of the credit transfer message of the payer’s PSP,
(d) The data elements referred to in Article 5(2)(c) are the following:
(i) the payer’s name,
(ii) the amount of the credit transfer,
(iii) any remittance information.
(3) In addition to the requirements referred to in point (1), the following requirements shall apply to direct debit
transactions:
(a) The data elements referred to in Article 5(3)(a)(i) are the following:
(i) the type of direct debit (recurrent, one-off, first, last or reversal),
(ii) the payee’s name,
(iii) the IBAN of the payee’s payment account to be credited for the collection,
(iv) where available, the payer’s name,
(v) the IBAN of the payer’s payment account to be debited for the collection,
(vi) the unique mandate reference,
(vii) where the payer’s mandate is given after 31 March 2012, the date on which it was signed,
(viii) the amount of the collection,
(ix) where the mandate has been taken over by a payee other than the payee who issued the mandate, the
unique mandate reference as given by the original payee who issued the mandate,
(x) the payee’s identifier,
(xi) where the mandate has been taken over by a payee other than the payee who issued the mandate, the
identifier of the original payee who issued the mandate,
(xii) any remittance information from the payee to the payer,
(xiii) any purpose of the collection,
(xiv) any category of the purpose of the collection.
(b) The data elements referred to in Article 5(3)(b) are the following:
(i) the BIC of the payee’s PSP (if not agreed otherwise by the PSPs involved in the payment transaction),
(ii) the BIC of the payer’s PSP (if not agreed otherwise by the PSPs involved in the payment transaction),
(iii) the payer reference party’s name (if present in dematerialised mandate),
(iv) the payer reference party’s identification code (if present in dematerialised mandate),
(v) the payee reference party’s name (if present in the dematerialised mandate),
(vi) the payee reference party’s identification code (if present in dematerialised mandate),
(vii) the identification code of the payment scheme,
(viii) the settlement date of the collection,
(ix) the payee’s PSP’s reference for the collection,

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European
Union L
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(x) the type of mandate,
(xi) the type of direct debit (recurrent, one-off, first, last or reversal),
(xii) the payee’s name,
(xiii) the IBAN of the payee’s payment account to be credited for the collection,
(xiv) where available, the payer’s name,
(xv) the IBAN of the payer’s payment account to be debited for the collection,
(xvi) the unique mandate reference,
(xvii) the date of signing of the mandate if the mandate is given by the payer after 31 March 2012,
(xviii) the amount of the collection,
(xix) the unique mandate reference as given by the original payee who issued the mandate (if the mandate has
been taken over by another payee than the payee who issued the mandate),
(xx) the payee’s identifier,
(xxi) the identifier of the original payee who issued the mandate (if the mandate has been taken over by a payee
other than the payee who issued the mandate),
(xxii) any remittance information from the payee to the payer.
(c) The data elements referred to in Article 5(3)(c) are the following:
(i) the unique mandate reference,
(ii) the payee’s identifier,
(iii) the payee’s name,
(iv) the amount of the collection,
(v) any remittance information,
(vi) the identification code of the payment scheme.

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