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?

KEY POINTS

Towards a better integrated EU payments market

The directive establishes a clear and comprehensive set of rules that will apply to existing and new providers of innovative payment services. These rules seek to ensure that these players can compete on equal terms, leading to greater efficiency, choice and transparency of payment services, while strengthening consumers' 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 information about the payment account, particularly:

Consumer rights

Authorisation of payment institutions

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

Role of European Banking Authority (EBA)

The role of the EBA is strengthened to:

The directive repeals Directive 2007/64/EC from 13 January 2018.

FROM WHEN DOES THE REGULATION APPLY?

It has applied since 12 January 2016. EU countries have to incorporate it into national law by 13 January 2018.

BACKGROUND

For more information, see:

* KEY TERM

Payment services: services enabling cash to be deposited in or withdrawn from, for example, a bank account, as well as all the operations required to operate the account. This can include transfers of funds, direct debits, credit transfers and card payments. Paper transactions are not covered by the directive.

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)

RELATED ACTS

Directive 2007/64/EC of the European Parliament and of the Council of 13 November 2007 on payment services in the internal market amending Directives 97/7/EC, 2002/65/EC, 2005/60/EC and 2006/48/EC and repealing Directive 97/5/EC (OJ L 319, 5.12.2007, pp. 1-36)

Successive amendments to Directive 2007/64/EC have been incorporated in the basic text. This consolidated version is of documentary value only.

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 08.03.2017