In some Member States, there are some old payment services, which are transfers or debits, but which have very specific features, often for historical or legal reasons. The volume of transactions in these services is generally marginal. Such services could therefore be considered niche products. A transitional period for these niche products, which is long enough to minimise the impact of migration on PSUs, should help both parties to focus, initially, on the migration of most transfers and levies, which would allow the bulk of the potential benefits of an integrated payments market in the EU to be exploited earlier. In some Member States, there are special debit instruments that appear very similar to payment card transactions, since the payer uses a point-of-sale card to initiate the payment transaction, but the underlying payment transaction is a direct debit. In these payment transactions, the card is only used for reading, in order to facilitate the electronic receipt of the mandate that must be signed by the payer at the place of sale. Although these payment services cannot be considered niche products, a transitional period is required for these payment services due to the large volume of transactions. In order to allow stakeholders to introduce an appropriate replacement for SEPA, this transition period should be sufficiently long. Payment systems are not required to make transfers and debits amounting to EUR 999,999,999.99.
1. This Regulation sets out the rules for euro-denominated transfer and debit transactions in the EU where the payer`s payment service provider and the recipient`s payment service provider are established in the EU or where the payment service provider (PSP) participating in the payment transaction is located in the EU. It is important to take steps to strengthen the confidence of PSUs in the use of these services, especially for levies. Such measures should allow payers to order their balances of payments to limit the authorization for collection by direct debit to a certain amount or periodicity and to establish specific positive or negative lists of beneficiaries. As part of the introduction of EU-wide levies, consumers should benefit from these controls. However, it is important, for the practical execution of these beneficiaries` controls, that financial statements be able to verify, on the basis of IBAN and for a transitional period, but only if necessary, BIC or any other single identification of the creditors of certain beneficiaries. Other relevant user rights are already enshrined in the 2007/64/EC Directive and should be fully guaranteed. This compressed file contains the presentation documents that must be completed and signed to allow compliance with the extended transfer information option of the SEPA transfer system: payment transactions using a telecommunications device, digital or computer, when these payment transactions do not result in a transfer or debit on and from a payment account identified by BBAN or IBAN; 3. Member States may authorise their competent authorities to abstain, until 1 February 2016, all or part of the requirements covered by Article 6, paragraphs 1 and 2, for transfer or debit transactions, with a cumulative market share based on official payment statistics published annually by the ECB, of less than 10% of the total number of transfers or debits in that Member State.