Social Security speeds up the seizures of payments by POS to its debtors

By: News Team

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Social Security speeds up the seizures of payments by POS to its debtors

The General Treasury of the Social Security has established a new procedure for collaboration with financial institutions to expedite the seizure of payments made through point of sale terminals (POS) to debtors who have this system in their business.

As published this Friday by the BOE, the procedure of seizure of payments made by card through POS terminals already existed, but it was done individually through the issuance of daily diligences to financial institutions.

With the new telematic procedure, to which financial institutions can adhere voluntarily, it is intended to streamline the seizure process to give “greater efficiency and immediacy” to the collection action.

The Social Security will send a file each month to the adhered financial institutions with all their debtors in a situation of urgency and, within a period of 30 days, the financial institutions will inform if they have a contracted POS terminal. With this information, Social Security will select the debtors whose POS will be seized.

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