Moldova will increase transparency in electronic payments and payment service providers will move to the concept of "open banking".
This is provided for by amendments to the Law on the National Bank of Moldova, the Tax Code, the Law on Currency Regulation, the Contravention Code and the Law on Payment Services and Electronic Money, passed by the Parliament in the final reading. The bill provides for the introduction of new payment services market rules in order to harmonize them with EU standards. The legislative initiative is aimed at transitioning payment service providers to the "open banking" concept. This banking practice gives the third-party providers of financial services open access to consumer data from banking and non-banking institutions in conditions of increased security. According to the specialists of the National Bank of Moldova, the new legal framework will encourage competition, innovation and diversity in the industry of electronic payments. The legislative amendments will expand the list of activities that fall under the Law on Payment Services and Electronic Money with 2 areas - "payment initiation services" and "account information services". The bill contains additional conditions for the authorization and registration of new service providers - payment initiation and account information through professional liability insurance or a similar guarantee. The legislative amendments provide the possibility to issue and distribute e-money for foreign currency, while redemption by resident will be possible only for Moldovan lei (MDL). The document regulates non-discriminatory access of providers to the existing payment systems, in order to allow them to work without arbitrary and unreasonable restrictions. At the same time, in order to ensure a uniform interpretation of the rules on the internal market, providers of payment services will have to notify the NBM about certain actions. In addition, the requirement to provide information to administrators - governing bodies and their members, as well as to persons holding key positions in the non-banking payment system is changed. The list of violations is supplemented by a specific violation of the terms and requirements for reviewing complaints from users of payment services. // 18.07.2022- InfoMarket.
