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Notice on temporary delay for adjustments to SEPA instant credit transfer limits

The Central Bank of Malta acknowledges concerns expressed by several local payment service providers (PSPs) regarding the heightened risk of fraud, particularly in relation to remote adjustments of spending limits for SEPA instant credit transfers.

In accordance with Article 5(6) of Regulation (EU) 2024/886, PSPs are required to allow payment service users (PSUs) to modify the credit transfer limits without imposing any maximum thresholds, and such modifications must take effect immediately. While the Regulation does not explicitly permit a delay period, the Bank, applying a risk-based supervisory approach, will consider the implementation of a temporary delay of up to six hours for the application of such adjustments.

This transitional measure is intended to strike a balance between safeguarding consumer rights and addressing fraud prevention needs. It will remain in effect until the fraud risk management framework under the forthcoming Payment Services Directive 3 (PSD3) and the Payment Services Regulation (PSR) is introduced.

More information can be found in the  Notice issued by the Central Bank of Malta.