At Regulert, we turn regulatory mandates into commercially focused solutions. We work closely with our issuing bank clients, processors, card schemes, regulators and industry associations to develop fit for purpose solutions to regulatory mandates that are aligned with the end-goal for issuing banks and their customers. We are committed to producing exceptional software for each of our clients and their millions of customers.
Our product suite has been built to meet the requirements of Regulation (EU) 2019/518 which progressively mandates card issuers to inform card holders of particular cross border charges and fees, and also requires issuers to notify card holders in real-time or as close to real time as possible an electronic alert to the card holder via mobile push notification via banking apps, SMS or email the amount they will be charged in their home currency and the % difference to the current ECB rate.
Issuers must display on their websites and mobile apps their fees and charges in a transparent way, including the % difference between what the issuers would charge for the transaction and what the European Central Bank (ECB) rate is for that currency conversion. This must be a real time or near real time calculation available to the customer to look up. The issuers must also explain their approach to charging on foreign exchange transactions within their terms and conditions.
Issuers must be in a position to substantially up their game to provide in real-time or as close to real time as possible an electronic alert to the card holder via mobile push notification in banking mobile apps, SMS or email the amount they will be charged in their home currency and the % difference to the current ECB rate.