Revised rules for payment services in the EU

 

SUMMARY OF:

Directive (EU) 2015/2366 on EU-wide payment services

WHAT IS THE AIM OF THE DIRECTIVE?

It repealed Directive 2007/64/EC (PSD) from 13 January 2018.

KEY POINTS

The directive sets out rules concerning:

The directive is complemented by Regulation (EU) 2015/751, which caps the interchange fees charged between banks for card-based transactions. This is expected to drive down the costs for merchants in accepting consumer debit and credit cards.

Towards a better integration of the EU payments market

The directive establishes a clear and comprehensive set of rules that apply to existing and new providers of innovative payment services. These rules seek to ensure that these providers can compete on equal terms, leading to greater efficiency, choice and transparency of payment services, while strengthening consumer trust in a harmonised payments market.

Opening up the EU market to new services and providers

The directive also aims to open up the EU payment market to companies offering consumer- or business-oriented payment services based on access to the payment account, particularly:

Consumer rights

Authorisation of payment institutions

The directive does not substantially change the conditions for granting authorisation to payment institutions, as compared to PSD. However, payment institutions offering payment initiation services or account information services will be required to have professional indemnity insurance or a comparable guarantee as a condition of authorisation or registration, respectively. The directive also contains rules on the supervision of authorised payment institutions, as well as measures in case of non-compliance.

Role of the European Banking Authority (EBA)

The role of the EBA is strengthened, in order to:

The Commission has adopted the following implementing and delegated acts:

FROM WHEN DOES THE DIRECTIVE APPLY?

It has applied since 12 January 2016 and had to become law in the Member States by 13 January 2018.

BACKGROUND

For more information, see:

KEY TERMS

Payment services. Services enabling cash to be placed on or withdrawn from a payment account, along with all of the operations required to operate the account. This can include transfers of funds, direct debits, credit transfers and card payments. The directive does not cover paper transactions.

MAIN DOCUMENT

Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, pp. 35–127).

Successive amendments to Directive (EU) 2015/2366 have been incorporated into the original document. This consolidated version is of documentary value only.

RELATED DOCUMENTS

Commission Delegated Regulation (EU) 2020/1423 of 14 March 2019 on supplementing Directive (EU) 2015/2366 of the European Parliament and of the Council with regard to regulatory technical standards on the criteria for appointing central contact points within the field of payment services and on the functions of those central contact points (OJ L 328, 9.10.2020, pp. 1–3).

Commission Implementing Regulation (EU) 2019/410 of 29 November 2018 laying down implementing technical standards with regard to the details and structure of the information to be notified, in the field of payment services, by competent authorities to the European Banking Authority pursuant to Directive (EU) 2015/2366 of the European Parliament and of the Council (OJ L 73, 15.3.2019, pp. 20–83).

Commission Delegated Regulation (EU) 2019/411 of 29 November 2018 supplementing Directive (EU) 2015/2366 of the European Parliament and of the Council with regard to regulatory technical standards setting technical requirements on development, operation and maintenance of the electronic central register within the field of payment services and on access to the information contained therein (OJ L 73, 15.3.2019, pp. 84–92).

Commission Delegated Regulation (EU) 2018/389 of 27 November 2017 supplementing Directive (EU) 2015/2366 of the European Parliament and of the Council with regard to regulatory technical standards for strong customer authentication and common and secure open standards of communication (OJ L 69, 13.3.2018, pp. 23–43).

Commission Delegated Regulation (EU) 2017/2055 of 23 June 2017 supplementing Directive (EU) 2015/2366 of the European Parliament and of the Council with regard to regulatory technical standards for the cooperation and exchange of information between competent authorities relating to the exercise of the right of establishment and the freedom to provide services of payment institutions (OJ L 294, 11.11.2017, pp. 1–25).

Regulation (EU) 2015/751 of the European Parliament and of the Council of 29 April 2015 on interchange fees for card-based payment transactions (OJ L 123, 19.5.2015, pp. 1–15).

last update 06.12.2021