News - Media Releases 2010
EC Regulation 924/2009 of the European Parliament on cross-border payments
The Central Bank of Malta is advising that the Bank’s Directive No. 3 on Cross-Border Credit Transfers has been superseded by EC Regulation 924/2009 of the European Parliament and is therefore being withdrawn. Regulation 924/2009 replaces EC Regulation 2560/2001 which was repealed on 1 November 2009.
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Regulation 924/2009 introduces measures facilitating the automation of payments. It further stipulates that charges for payments made between countries in the European Economic Area must not differ from those imposed for payments made locally and regulates charges between service providers for direct debit interchange. Issuers of invoices or requests for payments are required by the Regulation to quote their International Bank Account Number (IBAN) and Bank Identifier Code (BIC) on invoices or bills where applicable while payers are required to quote the payee’s IBAN and BIC when executing payments in order to benefit from the provisions of this Regulation.
The entire Regulation is available on the following web page: http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2009:266:0011:0018:EN:PDF.