Payment system operating in the environment of BIS FORPOST created by Forbis fully corresponds to the requirements of the legal acts of the European Union

19 October 2010

Upon having implemented a MIPI project (Lithuanian abbreviation for Law on Payment Law Changes), the payment system, operating in the BIS FORPOST environment fully corresponds to the requirements of the Payment Services Directive (PSD) of the European Union.

The following tasks have been implemented within the scope of the project:

• Currency rate retaining in payment operations, when performing money conversion, writing off single and periodic commission fees;
• Currency rate retaining in operations with payment cards, when the currencies of paying-in and writing-off differ;
• Automatic setting of commission fees’ type (SHA) for the payment operations according to the currency and the fund beneficiary’s country;
• Payment details in the commission fees’ operations;
• Display of payment details in printable and electronic statements;
• Relevance of payment documents’ prints to law requirements.

Single Euro Payments Area (SEPA) is a European banking sector’s self-regulating initiative, which stipulates harmonisation of payment products, infrastructures and technical standards. Payment Services Directive (PSD) has been created following the EU rules and it provides the required legislation base, within the framework of which all the payment service providers will operate.

The Directive by unifying the requirements of the applied legal acts greatly simplifies the use of SEPA means for the banking sector and consumers. It creates the basis for general local market of Euro payments.

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