OREANDA-NEWS. April 27, 2010. The new wording of the Law of Obligations Act covering payment service contracts will enter into force on 22 May 2010, bringing about various changes in the payment services contracts of the bank, reported the press-centre of Swedbank.
 
According to Auri Viitak, the Head of Swedbank’s Settlement Solutions Department, the Payment Services Directive will regulate the terms and conditions and ways of provision of monetary payments in the European Economic Area, incl. Estonia. “For the bank the amendment will bring about major and minor changes to various service contracts and work processes. Most of the amendments are amendments of the wording of contracts with the aim of bringing them into compliance with law," Viitak noted.

“We already largely comply with the requirements of the act. However, what will change for us is, for instance, that we will start informing clients of amendments related to payment services two months in advance instead of one,” explained Viitak. “The regulation will also result in a more consumer-centred approach to challenging and cancelling payment transactions."
The directive applies to 30 states: the 27 Member States of the European Union and three non-EU states belonging to the European Economic Area (Iceland, Liechtenstein, Norway). The directive is applicable to payments made in euros and other currencies of the Member States of the European Union.

You can access the new terms and conditions of the contracts and price list in bank branches and on Swedbank's website www.swedbank.ee.