Changes from report parliamentary committee draft to plenary report

Added(c) where redemption is requested more than one year after the date of termination of the contract.

AddedAny such fee shall be proportionate to and commensurate with the actual costs incurred by the electronic money issuer.

Added5. Where the holder of electronic money requests redemption before the termination of the contract, the holder may request redemption of the electronic money in whole or in part.

Added6. Where redemption is requested by the holder of the electronic money on the date of the termination of the contract, or up to one year after such termination, the issuer of the electronic money shall do either of the following:

Added(a) Redeem the total monetary value of the electronic money; or

Added(b) Redeem all funds requested by the electronic money holder where the payment institution carries out one or more of the activities as referred to in Article 10(1)(c) of Directive XXX [PSD3] and it is unknown in advance what proportion of funds is to be used as electronic money by electronic money holders.

Added7. Notwithstanding paragraphs 4, 5 and 6, redemption rights of a person, other than a consumer, who accepts electronic money shall be subject to the contractual agreement between the electronic money issuer and that person.

Added8. A payment institution providing electronic money services shall not grant to the holder of electronic money interest or any other benefit related to the length of time during which he or she holds the electronic money.

AddedAccess to payment systems and to accounts maintained with credit institutions

AddedAccess to payment systems

Added1. Payment system operators shall have in place objective non-discriminatory, transparent and proportionate rules on access to a payment system by authorised or registered payment service providers that are legal persons. Payment system operators shall not inhibit access to a payment system more than is necessary to safeguard against specific risks, including where applicable settlement risk, operational risk, credit risk, liquidity risk and business risk or more than is necessary to protect the financial and operational stability of the payment system.

Added2. A payment system operator shall make publicly available its rules and procedures for admission to participation to that payment system and the criteria and methodology it uses for risk assessment of applicants for participation.

Added3. Upon receiving an application for participation by a payment service provider, a payment system operator shall assess the relevant risks of granting the applicant payment service provider access to the system. A payment system operator shall only refuse participation to an applicant payment service provider where the applicant poses risks to the system, as referred to in paragraph 1. The payment system operator shall notify that applicant payment service provider in writing whether the request for participation is granted or refused and shall provide full reasons for any refusal.

Added4. Paragraphs 1, 2 and 3 shall not apply to payment systems composed exclusively of payment service providers belonging to the same group.

Added5. Payment system operators shall not have in place any of the following requirements:

Added(a) restrictive rules on effective membership in other payment systems;

Added(b) rules which discriminate between authorised payment service providers or between registered payment service providers in relation to the rights, obligations and entitlements of members;

Added(c) restrictions on the basis of institutional status.

Added6. A participant of a payment system that allows an authorised or registered payment service provider that is not a participant of the payment system to pass transfer orders through that payment system shall, when requested, give the same possibility to other authorised or registered payment service providers in an objective, proportionate, transparent and non-discriminatory manner. In case of a rejection of such request, the participant of a payment system shall provide any requesting payment service provider with full reasons for such rejection.

Added7. For payment systems that are not covered by Eurosystem oversight, pursuant to Regulation (EU) No 795/2014, Member States shall designate a competent authority responsible for oversight of payment systems to ensure enforcement of paragraphs 1 2, 3, 5 and 6 by payment systems governed by their national law.

AddedProvision by credit institutions of payment accounts to payment institutions

Added1. A credit institution shall only refuse to open or shall only close a payment account for a payment institution for its agents or distributors or for an applicant for a license as a payment institution in cases where it is justified on objective, non-discriminatory and proportionate grounds, in particular in the following cases:

Added(a) The credit institution has serious grounds to suspect defective money laundering or terrorism financing controls by the applicant or that illegal activities are being committed either by the applicant or its customers;

Added(b) there is or has been a material breach of contract committed by the applicant for an account;

Added(c) insufficient information and documents pertaining to matters set out in this paragraph have been received from the applicant for an account;

Added(d) the applicant for an account or its business model presents an excessive risk profile;

Added▐

Added(ea) the competent authority has refused to grant or has withdrawn an authorisation as a payment institution.

AddedWhere a credit institution decides to close a payment account in accordance with this paragraph, the account closure shall take effect upon the expiry of a notice period which shall not be less than four months, unless the payment account is closed due to fraud-related reasons or reasons connected to illegal activities.

Added2. Rights granted under paragraph 1 to agents or distributors shall be granted exclusively for the provision of payment services on behalf of the payment institution.

Added3. A credit institution shall notify to the payment institution or to its agents or distributors, or to the applicant for a license as a payment institution, any decision to refuse to open or to close a payment account to a payment institution or to its agents or distributors, or to an applicant for a license as a payment institution; it shall duly motivate any such decision. Such motivation must be specific to the risks posed by the activity or planned activity of that payment institution or of its agents or distributors, as assessed by the credit institution, and not be generic in nature.

Added3a. In addition to the notification referred to in paragraph 3, a credit institution shall also notify the national competent authority of its decision to refuse to open or to close a specific payment account. The competent authorities shall publish aggregate data on payment account refusals and closures.

Added4. A payment institution or its agents or distributors, or an applicant for a license as a payment institution which is the subject of a negative decision by a credit institution on access or of a decision on closure from payment accounts services may appeal to a competent authority.

Added5. The EBA shall develop draft regulatory technical standards specifying the harmonised format and information to be contained in the notification and motivation referred to in paragraph 3 of this Article and specifying the objective, non-discriminatory and proportionate grounds and situations when a credit institution is able to refuse to open or is able to close a payment account for a payment institution, its agents, or distributors or for an applicant for a licence as a payment institution. Those draft regulatory technical standards shall also develop the harmonised objectives, powers and procedures to be followed by the competent authorities in respect of appeals referred to them under paragraph 4 of this Article.

AddedThe EBA shall submit the draft regulatory technical standards referred to in the first subparagraph to the Commission by [ OP please insert the date= one year after the date of entry into force of this Regulation]. Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1093/2010.

AddedAccount information services and payment initiation services

AddedGeneral Principles

AddedRights of payment service users

Added1. Payment service providers shall not prevent payment service users from making use of a payment initiation service provider to obtain payment initiation services as referred to in point (6) of Annex I. That obligation shall apply to all the payment accounts held by the payment service user that are accessible online.

Added1a. Payees shall offer to payment service users at least one payment method without surcharges which does not rely on the use of a payment initiation service provider.

Added2. Payment service providers shall not prevent payment service users from making use of account information services as referred to in point (7) of Annex I. That obligation shall apply to all the payment accounts held by the payment service user that are accessible online.

Added2a. Traders such as creditors and insurance operators shall offer to payment service users a way to share their data which does not rely on the use of account information service providers.

Added2b. Without prejudice to Regulation (EU) 2016/679, payment service providers shall inform consumers in a clear and comprehensible manner when they are presented with a personalised offer that is based on the automated processing of personal data.

AddedContractual relations

Added1. The provision of account information services and payment initiation services shall not be conditioned by any party on the existence of a contractual relationship to that end between providers of such services and an account servicing payment service provider.

Added2. Where a multilateral contractual arrangement is in place and where the same payment account data as regulated under this Regulation is also available in the framework of that multilateral contractual arrangement, access by account information and payment initiation service providers to payment account data regulated under this Regulation shall always be possible without the need to be part of such multilateral contractual arrangement.

AddedData access interfaces for account information services and payment initiation services

AddedProvision of dedicated access interfaces

Added1. Account servicing payment service providers that offer to a payer a payment account that is accessible online shall have in place at least one dedicated interface for the purpose of data exchange with account information and payment initiation service providers.

Added2. Without prejudice to Articles 38 and 39, account servicing payment service providers that offer to a payer a payment account that is accessible online and have put in place a dedicated interface as referred to in paragraph 1 of this Article, shall not be obliged to also maintain permanently another interface as fall-back for the purpose of data exchange with account information and payment initiation service providers but shall always permit access to interfaces which allow business continuity for those providers.

Added3. Account servicing payment service providers shall ensure that their dedicated interfaces referred to in paragraph 1 use standards of communication which are issued by European or international standardisation organisations including the European Committee for Standardization (CEN) or the International Organization for Standardization (ISO). Account servicing payment service providers shall also ensure that the technical specifications of any of the dedicated interfaces referred to in paragraph 1 are documented specifying a set of routines, protocols and tools needed by payment initiation service providers and account information service providers for allowing their software and applications to interoperate with the systems of the account servicing payment service provider. Account servicing payment service providers shall make the documentation on technical specifications of their dedicated interfaces referred to in paragraph 1 available, at no charge and without delay, upon request by authorised payment initiation service providers, account information service providers or by payment service providers that have applied to their competent authorities for the relevant authorisation and shall make a summary of that documentation publicly available on their website.

Added4. Account servicing payment service providers shall ensure that, except for emergency situations which prevent them from doing so, any change to the technical specifications of their dedicated interface referred to in paragraph 1 is made available to authorised payment initiation service providers, account information service providers, or payment service providers that have applied to their competent authorities for the relevant authorisation, in advance, as soon as possible and not less than six weeks before the change is implemented. Account servicing payment service providers shall document emergency situations where changes were implemented without such advance information and make the documentation available to competent authorities on request.

Added5. Account servicing payment service providers shall publish on their website quarterly statistics on the availability and performance of their dedicated interface. The performance of the dedicated interfaces shall be measured by the number of successful account information requests over the total number of account information requests, and by the number and transaction volume of the successful payment initiation requests over the total number and transaction volume of the total number of payment initiation requests.

Added6. Account servicing payment service providers shall make available a testing facility, including support, for connection to the dedicated interfaces and functional testing to enable authorised payment initiation service providers and account information service providers, or payment service providers that have applied for the relevant authorisation, to test their software and applications used for offering a payment service to users. No sensitive payment data or any other personal data shall be shared through the testing facility.

Added7. In case of an unexpected event or error occurring during the process of identification, authentication, or the exchange of the data elements via the dedicated interface, the account servicing payment service provider shall provide for notification messages to the payment initiation service provider or the account information service provider which explains the reason for the unexpected event or error.

AddedRequirements regarding dedicated data access interfaces

Added1. Account servicing payment service providers shall ensure that the dedicated interface referred to in Article 35(1) meets the following security and performance requirements:

Added(a) the dedicated interface shall establish and maintain communication sessions between the account servicing payment service provider, the account information service provider, the payment initiation service provider and any payment service user concerned throughout the authentication of the payment service user;

Added(b) the dedicated interface shall ensure the integrity and confidentiality of the personalised security credentials and of authentication codes transmitted by or through the payment initiation service provider or the account information service provider;

Added(c) the response time of the dedicated interface to account information service providers’ and payment initiation service providers’ access requests shall not be longer than the response time of the interface that the account servicing payment service provider makes available to its payment service users for directly accessing their payment account online.