WG-REQ-1516 Word-to-A4-PPT-portrait PSD3 IMPACTS-STAGE-3 PRINT3mmBLEED - Flipbook - Page 16
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HL | PSD3 Impacts
Overview
11 Confirmation
of Payee
§
PSPs must implement a confirmation of
payee9s service and notify PSUs of any
discrepancy between the payee unique
identifier and the payee9s name they
provide, and the degree of such
discrepancy.
§
Transactions can still be authorised in the
event of a discrepancy and the customer
can opt out of the service altogether,
although the PSP is required to warn the
PSU about the consequences of
doing either.
§
The payer PSP will be liable to the PSU for
the transaction if they do not notify their
customer of any discrepancy or fail to
provide the service when required to do so
(and vice versa -with the payee PSP liable
to the payer PSP if they are the reason for
this failure)
§
This requirement is not subject to the
corporate opt-out; however, the 13-month
period the PSU has to make a claim is.
§
The requirement applies to non-electronic
payment orders too where there is a realtime communication.
(PSR Arts 50 and 57)
What is changing?
PSPs will be required to provide a confirmation
of payee service free of charge to its customers
that notifies the customer of any discrepancy,
and the degree of such discrepancy, between a
unique identifier and the payee name provided
by the PSU.
PSUs can opt out of the service and opt in again
at any time.
Payee PSPs will be required to undertake
verification at the request of payer PSP.
PSPs will be required to highlight the risks of
opting out, or continuing with a transaction
where there is a discrepancy, to the PSU.
The requirement applies to payment orders
placed through electronic payment initiation
channels and non-electronic payment orders
involving a real-time interaction between the
payer and the payer9s PSP.
It will not apply to transactions where the payer
did not input the unique identifier and the name
of the payee themselves or to instant credit
transfers under SEPA.
The existence of a discrepancy will not prevent a
PSU from continuing to make a payment or
undermine a PSP9s ability to rely on the unique
identifier provided by the payer. However, a PSP
will be liable to refund the PSU for payments it
authorises where the PSP has failed to notify the
PSU of the discrepancy.
In such instances, the payer PSP must refund (or
explain) within 10 business days of the claim
unless PSU has opted out of using the
confirmation of payee service or has behaved
fraudulently.
If the payee PSP is at fault, they will be liable to
the payer PSP.
