Implementation of PSD II – New Rules for Performance of Payment Services in Slovenia

Implementation of PSD II – New Rules for Performance of Payment Services in Slovenia

With the PSD II implementation date catching us in mid-January 2018, on 25 January 2018, the Slovenian National Assembly adopted the new Payment Services, Services of Issuing Electronic Money and Payment Systems Act (“PSA”). The PSA is implementing the Second Payment Services Directive (PSD II) into Slovenian legislation and will enter into force on 22 February 2018.

The PSA establishes a comprehensive set of rules applicable to payment services in Slovenia, all aiming to:

  • increase the safety of payment transactions and payment services;
  • increase consumer safety; and
  • promote payment innovation.

The main objective of the PSA is consumer protection, with the focus on information obligations, transparency regarding contracts and pricing and liability provisions (e.g. lowering of the maximum liability of consumers for unauthorised payments).

The PSA’s second major thrust is strengthening security. It introduces strict security requirements for the initiation and processing of electronic payments, and for the protection of consumers’ financial data.

The PSA also introduces two new types of authorisations for the so-called Third Party Providers offering innovative payment services introduced in online payments:

  • a licence for payment initiation service providers;

A payment initiation service is defined as a service to initiate a payment order at the request of a payment service user with respect to a payment account held at another payment service provider. Payment initiation services enable the payment initiation service provider to provide comfort to a payee that the payment has been initiated, as an incentive to the payee to release goods or deliver a service without undue delay.

  • a licence for account information service providers.

An account information service is an online service to provide consolidated information on one or more payment accounts held by a payment service user with another payment service provider or multiple payment service providers.

With the PSD II implementation date catching us in mid-January 2018, on 25 January 2018, the Slovenian National Assembly adopted the new Payment Services, Services of Issuing Electronic Money and Payment Systems Act (“PSA”). The PSA is implementing the Second Payment Services Directive (PSD II) into Slovenian legislation and will enter into force on 22 February 2018.

The PSA establishes a comprehensive set of rules applicable to payment services in Slovenia, all aiming to:

  • increase the safety of payment transactions and payment services;
  • increase consumer safety; and
  • promote payment innovation.

The main objective of the PSA is consumer protection, with the focus on information obligations, transparency regarding contracts and pricing and liability provisions (e.g. lowering of the maximum liability of consumers for unauthorised payments).

The PSA’s second major thrust is strengthening security. It introduces strict security requirements for the initiation and processing of electronic payments, and for the protection of consumers’ financial data.

The PSA also introduces two new types of authorisations for the so-called Third Party Providers offering innovative payment services introduced in online payments:

  • a licence for payment initiation service providers;

A payment initiation service is defined as a service to initiate a payment order at the request of a payment service user with respect to a payment account held at another payment service provider. Payment initiation services enable the payment initiation service provider to provide comfort to a payee that the payment has been initiated, as an incentive to the payee to release goods or deliver a service without undue delay.

  • a licence for account information service providers.

An account information service is an online service to provide consolidated information on one or more payment accounts held by a payment service user with another payment service provider or multiple payment service providers.