A new Belgian law (the Law) reinforces the supervision of the activities of systemically important payment transaction processors as well as payment schemes and their operators. Payment transaction processors facilitate the operational execution of payment services without carrying out the payment services as such. They are thus not regulated payment service providers. The Law builds on the existing « soft law » oversight of the NBB. It introduces legally enforceable requirements (« hard-law tools ») for the NBB to exercise its supervision.
The Law regulates service providers that are currently not yet directly regulated by the existing European regulations. The introduction of the Law demonstrates that, in addition to the European regulations, monitoring specific national regulations and developments in the sphere of payment services regulation remains relevant.
The Law has an important cross-border impact, as the Law applies regardless of the country of establishment of the payment transaction processor. The processing of transactions whereby both the payor’s and payee’s payment service providers are active in Belgium (« both legs in » principle)