All businesses and legal entities that transact with individuals are obliged to accept payments through the IRIS direct payment system.
This is provided for by a regulation included in the bill of the Ministry of National Economy and Finance to strengthen the capital market that was submitted to Parliament.
The relevant procedure is estimated to be completed by October at the latest, which is the final deadline for EU member states to comply with the European Regulation on Direct Payments. The regulation sets uniform rules for cross-border direct money transfers within the European Union and makes it mandatory for all banks.
Double limit
In the first half of the year, the doubling of the daily limit for direct transactions to 1,000 euros is expected to be implemented:
-500 euros per day is the amount that a natural person can send money to another natural person and
-500 euros for the payment of services to a freelancer, from a total of 500 euros per day that is currently in force.
The cost of transferring money and making a payment from the individual side is free, while the freelancer who receives payments is charged a commission, the amount of which is lower than for a debit or credit card.
IRIS mobile banking without commissions
All citizens can activate the IRIS (mobile banking) application and carry out direct money transfers with other citizens up to 500 euros per day without bank commissions.
In addition, freelancers and the self-employed are now required to accept direct payments from their clients and in this way pay significantly lower commissions compared to those they would pay if the transaction were carried out through the use of a POS.
New transaction monitoring framework
Also, the bill provides that those who declare an account for direct payments through the IRIS service must now be cross-checked to see if the specific account is declared as a professional account in the register of the Independent Public Revenue Authority (AADE).
