PSD2 compliance for leg-out payments difficilitated by the virtual elimination of Cover payments

Banks in the EU/EEA will be obliged – as from January 2018 – to quote all-in prices to their customers for:

  1. payments going to or coming from outside the EU/EEA, in any currency; and
  2. payments with both endpoints in the EU/EEA but where the currency is a non-EU/EEA one like USD or JPY, and where correspondents in the respective currency centres will be needed to settle the payment.

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