As it was noted at the meeting of the commission for European integration, this is an important stage of convergence with European standards and modernization of the country’s financial system.
The first stage was Moldova’s accession to the single euro payment area SEPA. It was a kind of “running-in” of the national infrastructure.
According to Victor Shushu, head of the Department of Infrastructure, Payments and Supervision of Other Institutions of the National Bank of Moldova, the next stage is the implementation of the law amending the Law on Payment Services and Electronic Money.
“This project is the next stage of the previously completed works. All the proposed changes have already been evaluated, including by colleagues from DG FISMA (Directorate General for Financial Stability, Financial Services and Capital Markets (EU) – Logos Press note). This is the final stage of the full transposition of PSD2 into the national legislation,” said Shushu.
This refers to the norms related to payment services in the domestic market, implementation and prudential supervision of e-money institutions, as well as the EU regulation on the amendment of PSD2 in terms of instant credit transfers in euros.
“The project is complex and aims at full harmonization of the legislation in the field of payment systems and payment services with European norms,” said Elena Grumeza, State Secretary of the Ministry of Finance.
The document was elaborated by the NBM specialists independently, without attracting external technical assistance. It will be consulted with the European Commission as a priority. The adoption is scheduled for December this year.
The entry into force is expected to be gradual – starting one year after the publication of the law and, for some provisions, from the date of Moldova’s accession to the EU, in order to ensure the readiness of all measures and the full implementation of the legislation.
It should be noted that PSD2 (Payment Services Directive 2) is an updated EU directive on payment services, adopted to enhance security, competition and innovation in the financial sector. It introduced Open Banking, which allows banks to securely exchange data with fintech companies upon customer consent, and strengthened security requirements for online payments through strong customer authentication (SCA).
