On the proposal for a regulation of the European Parliament and of the Council on payment services in the internal market and amending Regulation (EU) No 1093/2010
A-9-2024-0052
Committee on Economic and Monetary Affairs · Rapporteur: Marek Belka
Written by a language model from the full text only; every figure comes from the text. The paragraph links open the paragraph a statement rests on — check the text itself before relying on it.
Parliament's amended version of the Commission proposal for a regulation on payment services in the internal market, replacing Directive (EU) 2015/2366 and merging electronic money rules.¶¶¶ It lays down uniform rules on transparency of conditions and information, and on the rights and obligations of users and providers of payment and electronic money services.¶¶¶ It bans surcharging, requires credit institutions to open accounts for payment institutions, and sets rules on open banking data access, dedicated interfaces and a permissions dashboard.¶¶¶ It introduces a name and unique identifier matching service for credit transfers, refunds for impersonation fraud, transaction monitoring and mandatory fraud data sharing.¶¶¶ It sets liability rules, execution times, refund rights, strong customer authentication requirements and administrative sanctions enforced by national competent authorities.¶¶¶
Committee position. The Committee on Economic and Monetary Affairs adopts Parliament's position at first reading, amending the Commission proposal with rules on scope, open banking, fraud prevention, strong customer authentication, liability and sanctions.¶¶¶
Key points
- The regulation applies to payment services provided in the Union by credit institutions, post office giro institutions, payment institutions, the ECB and national central banks, and Member States or their regional or local authorities.¶¶¶
- It excludes from scope cash-only payments, payments through commercial agents meeting set conditions, limited-network and specific-purpose instruments, and telecom-billed micro-payments below EUR 60 per transaction and EUR 360 per month.¶¶¶
- Payment system operators must have objective, non-discriminatory, transparent and proportionate access rules, publish them, assess applicant risks and refuse only where the applicant poses risks to the system.¶¶¶
- Credit institutions may refuse or close a payment account for a payment institution only on objective, non-discriminatory and proportionate grounds, must give specific written reasons, and account closure takes effect after at least four months' notice.¶¶¶
- Account servicing payment service providers must maintain a dedicated interface for open banking, document its technical specifications, publish quarterly availability statistics and offer a testing facility.¶¶¶
- Payment service users get a dashboard to monitor and withdraw data access permissions; providers must inform each other in real time of new or withdrawn permissions and erase data when access is withdrawn.¶¶¶
- A complete ban on surcharging applies across the Union, extended to all credit transfers and direct debits, and payees must offer at least one payment method without surcharges not relying on a payment initiation service provider.¶¶¶
- For credit transfers, the payee's provider must verify free of charge whether the unique identifier and payee name match, notify the payer of any discrepancy before authorisation, and users may opt out and back in.¶¶¶
- Consumers manipulated by someone impersonating their payment service provider or another entity are entitled to a full refund if they promptly report to the police and their provider; the provider must decide within 10 business days.¶¶¶
- Payment service providers must run transaction monitoring mechanisms, share fraud data through information sharing arrangements, and the EBA must set up a dedicated IT platform for exchanging information on fraudulent accounts.¶¶¶
- Strong customer authentication applies when accessing accounts online, placing electronic payment orders or carrying out remote actions, with risk-based exemptions, dynamic linking for remote payments and accessibility requirements.¶¶¶
- Member States must provide effective, proportionate and dissuasive administrative sanctions, including fines of at least 7.5% of annual turnover for legal persons and at least EUR 2 750 000 for natural persons.¶¶¶
Who is affected
- Payment service providers and electronic money service providers, which must meet transparency, authorisation, security and fraud-prevention obligations.¶¶¶
- Consumers and payment service users, who gain information rights, refund rights, dashboard control over data access and protection against fraud.¶¶¶
- Credit institutions, which must open and maintain payment accounts for payment institutions and justify any refusal or closure.¶¶
- Electronic communications service providers and online platforms, which must cooperate on fraud prevention and may be liable for fraud losses.¶¶¶
- Mobile device manufacturers and electronic communications service providers, which must give fair, reasonable and non-discriminatory access to NFC and technical features.¶¶
Figures and deadlines
- EUR 50: maximum loss a payer may bear for unauthorised transactions from a lost, stolen or misappropriated payment instrument.¶
- EUR 60: maximum value of a single telecom-billed payment transaction for the exclusion from scope.¶
- EUR 360 per month: maximum cumulative value of telecom-billed payment transactions for an individual subscriber.¶¶
- EUR 50 and EUR 250: thresholds for low-value payment instruments and electronic money derogations.¶¶
- 14 business days: deadline for a payment service provider to refund or justify refusal after suspecting payer fraud.¶
- 10 business days: deadline for a payment service provider to refund or justify refusal in impersonation fraud cases.¶
- 18 months: maximum period after the debit date for a payment service user to notify a claim.¶
- 7.5% of total annual turnover: minimum maximum administrative fine for legal persons.¶
Legal basis: Article 114 of the Treaty on the Functioning of the European Union.¶¶