Financial Regulations
Authorized Payment
An authorized payment is a payment the payer has consented to under applicable payment-services rules.
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Regulations
Payment-services, e-money, and related financial-regulation concepts explained educationally.
16 published definitions in this topic.
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Financial Regulations
Billing Error Notice
A billing error notice is a consumer’s formal notice to a creditor about a billing error on an open-end credit account.
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Complaint Handling Deadline
A complaint handling deadline is the maximum time a financial firm has to respond to a customer complaint under conduct rules.
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Digital Operational Resilience Act
The Digital Operational Resilience Act (DORA) is the EU regulation on ICT risk management and operational resilience for financial entities.
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Electronic Funds Transfer Protection
Electronic funds transfer protection is consumer-rights rules for errors and unauthorized transfers in electronic payment systems.
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Error Resolution Right
An error resolution right lets a consumer require a financial institution to investigate and fix covered electronic transfer errors.
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Financial Ombudsman
A financial ombudsman is an independent dispute-resolution body for unresolved complaints against financial firms.
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Funds Transfer Regulation
The Funds Transfer Regulation is the current EU instrument requiring certain payer and payee information to accompany fund transfers and specified crypto-asset transfers.
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NIS2 Directive
NIS2 is the EU directive that strengthens cybersecurity risk-management and incident-reporting duties for essential and important entities.
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Open Banking
Open banking is a regulated framework letting licensed third parties access payment-account data or initiate payments with customer consent.
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Payment Service Provider
A payment service provider (PSP) is a firm that provides payment services such as transferring funds, issuing instruments, or acquiring transactions.
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Safeguarding of Customer Funds
Safeguarding of customer funds is a requirement that payment/e-money firms protect client money from the firm’s own creditors.
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Sixth Anti-Money Laundering Directive
The Sixth Anti-Money Laundering Directive (AMLD6) is an EU criminal-law instrument strengthening money-laundering offence definitions and sanctions cooperation.
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Statutory Liability Limit
A statutory liability limit caps how much a consumer can be forced to pay for unauthorized electronic transfers or card use under law.
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Unauthorized Payment
An unauthorized payment is a payment made without the payer’s consent under payment-services or card rules.
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Zero Liability Policy
A zero liability policy is a network or issuer policy limiting consumer responsibility for certain unauthorized card transactions.
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