Launching public consultation on draft Regulations updating the provisions on payment transactions (SEPA)

The Central Bank of the Republic of San Marino announces that it has initiated a public consultation procedure on the draft Regulations:

Regulations for Updating the Provisions on Payment Transactions (SEPA).

The main purpose of the measure is to:

• make explicit the reciprocity, for both the customer and the payment service provider (PSP), of the possibility to include amount caps, on a daily basis and/or per transaction basis, to outgoing instant credit transfers;
• allow San Marino PSPs to start the payment service of sending instant euro transfers, as well as the instrumental service of verification of payee on all outgoing transfers(verification of payee-VOP) within the longer deadline (July 9, 2027 instead of October 9, 2025) applied by theEuropean Payments Council to PSPs from SEPA countries that are not members of the EU, borrowing the on-boarding term that Regulation (EU) 2024/886 establishes for non-Eurozone EU member countries.