Kronbergs Čukste LEVIN attorney Anete Bože, Ph.d. student of Stradiņa University, had a presentation at the 77th Internationa Scientific Conference of Latvia University “The New Payment Services in the Second Payment Services Directive”

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Kronbergs Čukste LEVIN attorney Anete Bože, Ph.d. student of Stradiņa University, had a presentation at the 77th International Scientific Conference of Latvia University “The New Payment Services in the Second Payment Services Directive”  

The new payment services are such payment services which were not previously detailed in the First Payment Services Directive, namely, payment initiation services and account information services. The Second Payment Services Directive was implemented in Latvian law pursuant to amendments to the Payment Services and Electronic Money Law, which entered into force on 18 July 2018.

 

The specifics of the new payment services arise from the fact that in the case of  providing of payment initiation services and account information services, the funds do not reach a service provider. More precisely,    they provide information rather than funds.  

 

No agreement is required for provision of  payment initiation services and account information services. The account service provider must ensure free access using  Regulated Technical Standards, therefore the possibility to access the infrastructure of the account service provider is generally available.

In order to obtain the rights to provide such services, the service provider must obtain permission from the  Latvian Financial and Markets Commission.

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