Payment Authorization Form for Malta

Payment Authorization Form Template for Malta

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Payment Authorization Form

"I need a Payment Authorization Form for my Malta-based tech company to set up recurring monthly payments to multiple software vendors, starting from March 2025, with the option to modify payment amounts quarterly and including specific provisions for international transfers."

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What is a Payment Authorization Form?

The Payment Authorization Form is a crucial document used in Malta to establish and formalize payment arrangements between parties. It serves as a legal authorization for recurring or one-time payments, complying with Malta's Financial Institutions Act, the EU's Payment Services Directive 2 (PSD2), and GDPR requirements. This document is essential for businesses and individuals seeking to set up automatic payments, direct debits, or standing orders within the Maltese banking system. The form includes comprehensive details about the payment arrangement, parties involved, data protection measures, and cancellation rights, while incorporating specific requirements mandated by Maltese financial regulations and EU directives. It's particularly important in Malta's growing financial services sector and is designed to protect both the paying and receiving parties while ensuring transparent and secure payment processing.

What sections should be included in a Payment Authorization Form?

1. Account Holder Information: Details of the person/entity authorizing the payment, including full name, address, and contact information

2. Payment Details: Specific information about the payment arrangement, including amount, frequency, and purpose

3. Bank Account Information: Account holder's bank details including IBAN, BIC/SWIFT, and bank name

4. Beneficiary Information: Details of the party receiving the payment, including name, account information, and reference numbers

5. Authorization Declaration: Clear statement of the account holder's authorization for the specified payment arrangement

6. Data Protection Notice: GDPR-compliant statement about how personal data will be processed, stored, and protected

7. Cancellation Rights: Information about the right to cancel the authorization and the process for doing so

8. Signature Block: Space for date, signature, and any witness requirements

What sections are optional to include in a Payment Authorization Form?

1. Direct Debit Guarantee: Required when the form is for direct debit payments, explaining the direct debit scheme protections

2. Third Party Authorization: Used when someone other than the account holder is authorized to set up/modify the payment arrangement

3. Multiple Payment Options: Include when offering various payment methods or frequencies

4. Corporate Authorization: Required for corporate accounts, including declaration of authority and company position

5. Foreign Currency Declaration: Required when payments involve currency conversion, including acknowledgment of exchange rates and fees

What schedules should be included in a Payment Authorization Form?

1. Schedule of Payments: Detailed breakdown of payment amounts, dates, and frequencies if involving multiple or recurring payments

2. Terms and Conditions: Detailed terms governing the payment authorization, including rights and obligations

3. Fee Schedule: Breakdown of any applicable fees, charges, or commission related to the payment processing

4. Authorization Checklist: List of required documentation and verification steps for different types of payment arrangements

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

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Banking and Financial Services

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Financial Controller

Accounts Payable Manager

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Finance Director

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Banking Relationship Manager

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Find the exact document you need

Authorisation Form

A Maltese law-governed document that formally authorizes one party to act on behalf of another, compliant with local regulations and GDPR requirements.

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What is a Payment Authorization Form?

What sections should be included in a Payment Authorization Form?

What sections are optional to include in a Payment Authorization Form?

What schedules should be included in a Payment Authorization Form?

Authors

Alex Denne

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