What is the CBPR2?
Phase 1 – Equalisation, implemented on 15th December 2019 as per the inclusion of non-Euro EU countries.
Phase 2 – Transparency on online and mobile credit transfers and card based transactions to be implemented by 19th April 2020.
Phase 3 – Electronic notifications, to be implemented by 19th April 2021.
What are the benefits of CBPR2?
What kind of payments does CBPR2 apply to?
The regulation applies directly to intra-EU payments in the currency of an EU member state and only for card based transactions and credit transfer that is initiated online directly, using the website or the mobile banking application of the Bank.
The regulation does not apply directly to EEA currencies or to payments to/from EEA jurisdictions. However, it is expected to be adopted into EEA law in due course. HSBC therefore, proactively included EEA currencies in the scope of CBPR2.