Journal of Accounting and Management Information Systems (JAMIS)

Recent evolutions concerning the creation of a single European payment area within the European Union and its impact on the Romanian regulation related to payment systems

15/2006 ,   p157..170


Keywords:   law, Romanian legislation, area for cashless payments, European Union

Unlike in other areas of the financial market, progress toward the integration of payments markets has not yet been satisfactory. While the introduction of the euro was an important step in this direction, a single European payment area for cashless payments still does not exist. Current initiatives thus aim to lay the groundwork for integrated cross-border payment transactions, in particular by harmonizing the applicable legal framework. The European Commission’s “New Legal Framework for Payments in the Internal Market” initiative is of special importance here. It proposes, inter alia, the introduction of a new category of payment service providers (“payment institutions”) in addition to credit and
e-money institutions that would perform payment services under comparatively less stringent licensing and supervision regulations. Other important proposals are focusing on: amendments to e-money regulations (i.e. Directive 2000/46/EC), requirements for disclosure of information to the public, mandatory information on the originator of a payment, revocability of a payment order, definition of value dates, fees, alternative disputes resolution mechanisms, the role of the payment service provider in the case of a customer/merchant dispute in distance commerce, non-execution or defective execution of a payment order, obligations and liabilities of the contractual parties related to unauthorized transactions, execution times for credit transfers.
The presentation is focused on the major aspects of the European Commission’s “New Legal Framework for Payments in the Internal Market” initiative and the impact of this legal framework on the Romanian legislation in force.