The Wolfsberg Group has updated its Payment Transparency Standards

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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.

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