The Wolfsberg Group has today published updated Payment Transparency Standards.
The applicability, roles, and responsibilities of the Standards across key stakeholders within the payment chain are detailed, specifically concerning:
- The PMI(s) and the competent authorities;
- All PSPs, irrespective of their role in the payment chain;
- Debtor agent PSPs;
- Intermediary agent PSPs; and
- Creditor agent PSPs
Further guidance is provided on:
- Payment flows; and
- Payment transparency challenges (and limitations).
Relevant firms should view the updated Standards, and take any appropriate action, as required.