The National Assembly of the Republic of Serbia has cleared new Law on Payment Services, which introduces significant improvements to the existing system.

The new law will create the legal basis for breeding competition in the payment services market favouring better services and facilitating the establishment and operation of electronic money and payment institutions.

Under the new law, all payment service providers will be obliged to execute RSD payment transactions in the country within the same business day.

The new regulation will allow the credit or debit value date to differ from the time of debiting or crediting funds in the payment account if it is favourable for a payment service user in addition to allowing a payee to offer discounts for the use of a payment card or other payment instrument.

According to the new stipulations, the assumption of liability will lie with the payment service provider for a loss arising from the misuse of payment instruments, except where a payment service user is proven responsible.

The law will govern payment systems and enable mutual connections among payment service providers for timely execution of payment transactions of their clients.

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National Bank of Serbia will supervise all payment service providers and electronic money issuers.