In the interest of transparency, payment service providers will be required to provide payment service users the necessary and sufficient information with regard to the payment service contract and the payment transactions, according to the the European Union directive on payment services that should be adopted in Bulgaria by November 2009.

The Bulgarian National Bank is currently redrafting the Payments Act to incorporate the necessary community law. Banks would be required to provide their clients with prior information on the bank account contract.

That information should include the main characteristics of the payment service, the options that the service users has to authorise a payment or withdraw that authorisation and the maximum execution time for the payment service to be provided, among other details.

Information disclosure should also cover all charges payable by the payment service user to his payment service provider and, where applicable, the breakdown of the amounts of any charges. The service user should be notified of the actions that should be taken in the case of loss, theft or misappropriation of the payment instrument or of its unauthorised use. Information should be clear and should aid the service user in making a well-informed choice.

The payment services directive was adopted by the EU in November 2007. The necessary changes to Bulgarian laws are expected to be filed in Parliament by October 2008 so that the banks and other providers of payment services will have at least six months to adapt.