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ARTICLE · 27 DECEMBER 2013

Payment Institutions

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Malta’s banking sector has taken great strides in the last fifteen years, expanding from four banks to a sophisticated EU-compliant banking sector which comprises a large amount of payment institutions (PIs) that complement this sector.

MaltaFinance and Banking
Clara Borg
Clara Borg

Malta's banking sector has taken great strides in the last fifteen years, expanding from four banks to a sophisticated EU-compliant banking sector which comprises a large amount of payment institutions (PIs) that complement this sector. This was greatly aided by the transposition of the European Payment Services Directive (2007/64/EC) by means of the Financial Institutions Act so as to regulate PIs in Malta. There is currently a proposal for a second Payments Directive (2013/0264 (COD)) in the pipeline which may create changes mainly with regard to access to payment systems, restriction on charges, unauthorised payment transactions and refunds for payment transactions. There are currently fifteen payment institutions licensed in Malta with others offering their services in the EU or possessing a branch in Malta.

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