According to a report by Expresso, the lawsuit was filed by a company in the group, SIBS – Forward Payment Solutions (FPS), and was filed with the Administrative Court of the Lisbon District on January 15.

At issue is the different understanding that the regulator and the supervised company have of a European regulation that aims to ensure, on the one hand, that the operations carried out by SIBS are covered by EU legislation — given that there were transactions from Multibanco network services, such as payments for services or transfers (including MB Way), which were not covered — and, on the other hand, the separation between payment and processing systems.

Over the course of almost three years, SIBS FPS was implementing “a demanding plan to adapt its services, and the plan was completed at the end of 2024, with regular monitoring by the Bank of Portugal”. But in the meantime, the regulator has increased the requirements, which has made compliance unfeasible, claims the company, which says it “cannot accept the decision of the Bank of Portugal” and is therefore appealing to the courts.