BT-REQ-3972 PSD3 Impacts v6(without crop marks) RL - Flipbook - Page 20
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HL | PSD3 Impacts
11. Confirmation
of Payee
(PSR Arts 50 & 57)
Overview
PSPs must implement a confirmation of payee
service and notify PSUs of any discrepancy
between the payee’s unique identifier and the
payee’s name as provided by the PSU, 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’s 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’s PSP liable to the
payer’s PSP if they are the reason for
this failure).
This requirement is not subject to the
corporate optout; 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.
What is changing?
Under the Original Commission Draft, PSPs will be
required to provide a confirmation of payee service
free of charge to their 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.
Payees’ PSPs will be required to undertake
verification at the request of the payer’s 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
nonelectronic payment orders involving a realtime
interaction between the payer and the payer’s 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 the SEPA Regulation (as amended by the
Instant Payments Regulation).
The existence of a discrepancy will not prevent
a PSU from continuing to make a payment or
undermine a PSP’s 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’s PSP must refund
(or explain) within 10 business days of the
claim unless the PSU has opted out of using the
confirmation of payee service or has behaved
fraudulently.
If the payee’s PSP is at fault, they will be liable to
the payer’s PSP.
