---
title: Launching public consultation on draft Regulations updating the provisions on payment transactions (SEPA)
description: BCSM's financial education initiatives on cyber fraud.
---

[BCSM Blog ](https://www.bcsm.sm/en/news)

# [Launching public consultation on draft Regulations updating the provisions on payment transactions (SEPA)](https://www.bcsm.sm/en/news/avvio-consultazione-pubblica-su-bozza-di-regolamento-di-aggiornamento-delle-disposizioni-in-materia-di-operazioni-di-pagamento-sepa)

 Written by [BCSM](https://www.bcsm.sm/en/news/author/bcsm) | 01 Sep 2025

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).](https://www.bcsm.sm/hubfs/Consultazioni/250829_BozzaRegolamento_Consultazione%20Pagamento%20(SEPA).pdf?hsLang=en)

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 the*European 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.

 As long as the instrumental beneficiary verification service (VOP) is not available, the payment service user of sending transfers, whether ordinary or instant, must expressly declare themselves aware of this circumstance.

The consultation will end on September 12, 2025.

Any contributions to the consultation may be sent to the following e-mail address:

[mailto:dipartimento.vigilanza@bcsm.sm](mailto:dipartimento.vigilanza@bcsm.sm)[ dipartimento.vigilanza@bcsm.sm,](mailto:dipartimento.vigilanza@bcsm.sm)

stating as the subject of the e-mail: "*Consultation Draft SEPA Update Regulations*."

[View full post](https://www.bcsm.sm/en/news/avvio-consultazione-pubblica-su-bozza-di-regolamento-di-aggiornamento-delle-disposizioni-in-materia-di-operazioni-di-pagamento-sepa)

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