Betaltjänstlagen

Betaltjänstlagen, or the Swedish Payment Services Act, is a Swedish statute that regulates payment services in Sweden. It defines what counts as a payment service and sets the rules that apply to providers and users, with the aim of ensuring safe, efficient, and transparent payment transactions and of protecting consumers.

The act covers a wide range of payment services, including credit transfers, card payments, direct debits, remittance services, and the issuance or custody of electronic money, as well as payment initiation and account information services offered to customers. It applies to both domestic and cross-border activities carried out within Sweden and, in some cases, within the broader European market.

Licensing, registration, and supervision are key features. Payment service providers must typically be authorized or registered with Finansinspektionen, the Swedish Financial Supervisory Authority. The act sets requirements related to governance, capital, risk management, security controls, and reporting to the supervisor, aiming to ensure reliability and financial stability in payment operations.

Consumer protection and information obligations are central elements. Providers must supply clear information about terms, prices, exchange rates, and the timing of settlements. The act establishes rights and procedures related to refunds and chargebacks and sets liability rules for unauthorized or incorrectly executed payments, along with mechanisms for complaints and redress.

The law also supports open banking concepts, allowing access to payment accounts by third-party providers with customer consent, subject to secure authentication and data protection standards. This aligns Swedish law with the EU’s Payment Services Directive (PSD2) and related updates, and is overseen by Finansinspektionen, which enforces compliance and can impose sanctions for violations.