The Order is in response to the new regulations regarding transparency requirements in the rendering of payment services, in accordance with that established in Heading III of Service Payment Act 16/2009 of November 13th. This completes the transposition to Spanish law of EU Directive 2007/64 on payment services in the domestic market of the European Parliament and Council date November 13, 2007.
This Order applies to single payment transactions, framework contracts and payment transactions in which consumers intervene and which are subject to said framework contracts. These regulations will apply unless the parties expressly agree otherwise and provided that the user is not a consumer.
The Order includes general information obligations for providers and payment services beneficiaries when they render foreign exchange services or establish fees or discounts for using a specific form of payment. Service beneficiaries are also required to provide consumers with detailed information on the additional expense amount, which in no case can exceed the cost differential which the beneficiary assumes for accepting a specific form of payment. Special information requirements are likewise included for small sum payment instruments.
The Order includes the information requirements for single payment transactions and framework contracts. In these cases the order requires the payment service provider to offer the user relative general information beforehand regarding, mainly, the maximum period for payment execution and the total expenses which the user must pay the provider for said service. Furthermore, the provider is obligated to give the ordering party and the beneficiary certain information both after receiving the order for payment and following execution of same so that the payment transaction can be identified along with the amount and, as the case may be, the type of foreign exchange used.
Lastly, this ministerial Order specifies the system by virtue of which the payment service providers can modify or terminate a framework contract.
For further information, please contact Belén Arribas: email@example.com