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DRAFT REPORT (COM(2023)0367 – C90217/2023 – 2023/0210(COD))

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

ECON-PR-755995

Committee on Economic and Monetary Affairs · Rapporteur: Marek Belka

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This is the rapporteur's draft report on the Commission's proposal for a regulation on payment services in the internal market, amending Regulation (EU) No 1093/2010. It adopts a first-reading position and tables amendments to the proposal. The amendments add transparency duties on currency conversion charges and exchange-rate mark-ups, and require payment service providers to give information in a transparent, distinguishable and understandable way. They tighten rules on access to payment accounts, dashboards for users to monitor and withdraw data access, and the information account information and payment initiation service providers may receive. They strengthen fraud protection: mandatory sharing of fraudulent unique identifiers, an EBA IT platform, liability for providers and electronic communications service providers, and refunds for spoofing victims. They give the European Banking Authority (EBA) tasks to develop draft regulatory technical standards and guidelines, including on unique identifiers, dashboard data categories and gross negligence. They require Member States to fund education on payment fraud and require payment service providers and electronic communications service providers to cooperate free of charge.

Committee position. The rapporteur proposes to amend the Commission proposal to improve transparency on currency conversion, strengthen data access rules and the dashboard, give the EBA more tasks, and place fraud-protection duties also on electronic communications service providers and Member States.

Key points

  1. Parliament adopts its first-reading position on the proposed regulation on payment services in the internal market and calls on the Commission to refer the matter back if it substantially amends the proposal.
  2. Recital 13 is amended to define limited networks and specific-purpose instruments, and Article 2(2)(j)(iii) on instruments valid only in a single Member State is deleted.
  3. The EBA is to develop draft regulatory technical standards on the exclusion for payment transactions through a commercial agent, and on an exhaustive list of methods usable as a unique identifier.
  4. New definitions are added for 'e-wallet provider' and 'electronic communications service provider', and the definitions of 'unique identifier' and 'commercial trade name' are amended.
  5. Currency conversion charges must be disclosed as a mark-up over the latest available applicable foreign exchange rate of the relevant central bank, in a transparent, distinguishable and understandable way.
  6. Credit institutions may refuse to open or may close a payment account only on objective, non-discriminatory and proportionate grounds, with a right of appeal and EBA technical standards on the format and situations for refusal.
  7. Account servicing payment service providers must give third parties the information needed to fulfil their contract with users, and users must be able to withdraw data access for all or a given provider.
  8. Where a user withdraws data access, the account information or payment initiation service provider must stop using the data, withdraw it and erase all data received.
  9. Payment service providers must offer users the possibility of setting spending limits, with a low default level specified in the contract, and must not unilaterally increase agreed limits.
  10. Payment service providers must provide a free-of-charge telephone line with personal human support for notifications, fraud reports and feedback, and use safe communication channels.
  11. Electronic communications service providers must put in place technical safeguards against fraud, cooperate with payment service providers, and face financial liability if they fail.
  12. Payment service providers must exchange unique identifiers of payees when they have sufficient evidence of fraud, and the EBA must set up a dedicated IT platform for exchanging information on fraudulent unique identifiers.

Who is affected

  • Payment service providers, including banks and non-bank providers, face new transparency, fraud-prevention and liability duties.
  • Payment service users gain rights to information, spending limits, data-access withdrawal and refunds in fraud cases.
  • Electronic communications service providers must cooperate on fraud prevention and education, and may be held liable.
  • The European Banking Authority is tasked with developing technical standards, guidelines and an IT platform.
  • Member States must fund education campaigns on payment fraud and inform Parliament, the Commission and the EBA.

Figures and deadlines

  • Maximum 1-day execution time for payment orders in euro or the currency of a non-euro Member State, extendable by 1 additional business day for paper orders.
  • Reply to complaints within 15 business days, with a final reply deadline not exceeding 35 business days.
  • Within 10 business days after noting or being notified of a fraudulent authorised payment transaction, the provider must refund or provide proof.
  • EBA draft regulatory technical standards to be submitted to the Commission by one year after entry into force for the commercial agent exclusion and dashboard data categories.
  • EBA draft regulatory technical standards on unique identifier methods to be submitted by 12 months from entry into force.
  • EBA IT platform for exchanging information on fraudulent unique identifiers to be set up by 12 months from entry into force.

Legal basis: Article 294(2) and Article 114 of the Treaty on the Functioning of the European Union.