Read the text and mark the sentences TRUE or FALSE.
Payment services are the principal and most common form of financial services offered on the market. They include a broad spectrum of operations, such as money remittance, transactions using a payment card, depositing and withdrawing money from a payment account, execution of transfers, standing orders, and direct debits, FX services, etc. It comes as no surprise that their provision is strictly supervised.
The delivery of payment services within the European Community is governed by the Payment Services Directive (PSD). It was enacted by the European Commission with a view to eliminating the fragmentation of the payment services market in Europe and boosting competition in the sector. The directive specifies the institutions entitled to provide payment services. It addition to credit institutions (such as banks) and certain authorities (such as government bodies and central banks), it lists Electronic Money Institutions (EMIs), and establishes the new category of Payment Institutions (PIs). According to Article 4(4), “a payment institution is a legal person that has been granted authorization (…) to provide and execute payment services throughout the Community”. Such an authorization must be obtained from the Central Bank of a given member state.
Organizations which are not EMIs or credit institutions may apply for an authorization as a Payment Institution on condition that they fulfill specific capital and risk management requirements in the EU member state where they are established. Every country has to appoint a competent authority for supervising Payment Institutions and monitoring their compliance with business rules, as specified in national legislation.
0 of 3 Questions completed
You have already completed the quiz before. Hence you can not start it again.
Quiz is loading…
You must sign in or sign up to start the quiz.
You must first complete the following:
0 of 3 Questions answered correctly
Czas się skończył
You have reached 0 of 0 point(s), (0)
Earned Point(s): 0 of 0, (0)
0 Essay(s) Pending (Possible Point(s): 0)
Payment services in the European Union are regulated solely by the national legislation of particular EU member states.
Central banks have the right to grant authorization to Payment Institutions.
EMIs are the same as credit institutions.