Changes from report parliamentary committee draft to plenary report

AddedInformation requirements applicable to cash withdrawal services

AddedNatural or legal persons providing cash withdrawal services as referred to in Article 38 of Directive (EU) [PSD3] shall provide in a transparent, distinguishable and understandable way to their customers information on any charges, including the exchange rate and any mark-up over the latest available applicable foreign exchange rate issued by the relevant central bank, directly at the initiation of the process of withdrawal as well as upon receipt of the cash when the transaction is completed.

AddedCharges for information

Added1. Payment service providers shall not charge payment service users for providing information under this Title.

Added2. Payment service providers and payment service users may agree on charges for additional or more frequent information, or transmission by means of communication other than those specified in the framework contract, provided at the payment service user’s request.

Added3. Charges for information referred to in paragraph 2 shall be reasonable and proportionate in relation to the ▐actual costs.

AddedBurden of proof on information requirements

AddedThe burden of proof shall lie with the payment service providers to prove that they have complied with the information requirements set out in this Title.

AddedDerogation from information requirements for low-value payment instruments and electronic money

AddedIn cases of payment instruments which, according to the relevant framework contract, concern only individual payment transactions that do not exceed EUR 50 or that either have a spending limit of EUR 250 or store funds that do not exceed EUR 250 at any time:

Added(a) by way of derogation from Articles 19, 20 and 24, the payment service provider shall provide the payer only with information on the main characteristics of the payment service, including the way in which the payment instrument can be used, liability, charges levied and other material information needed for the payer to take an informed decision as well as an indication of where any other information and conditions specified in Article 20 are made available in an easily accessible manner;

Added(b) it may be agreed by the parties to the framework contract that, by way of derogation from Article 22, the payment service provider is not required to propose changes to the conditions of the framework contract in the same way as provided for in Article 19(1);

Added(c) it may be agreed by the parties to the framework contract that, by way of derogation from Articles 25 and 26, after the execution of a payment transaction:

Added(i) the payment service provider provides or makes available only a reference enabling the payment service user to identify the payment transaction, the amount of the payment transaction, any charges or, in the case of several payment transactions of the same kind made to the same payee, information on the total amount and charges for those payment transactions;

Added(ii) the payment service provider is not required to provide or make available information referred to in point (i) if the payment instrument is used anonymously or if the payment service provider is not otherwise technically in a position to provide it. The payment service provider shall provide the payer with a possibility to verify the amount of funds stored.

AddedSingle payment transactions

AddedScope

Added1. This Chapter applies to single payment transactions not covered by a framework contract.

Added2. Where a payment order for a single payment transaction is transmitted by a payment instrument covered by a framework contract, the payment service provider shall not be obliged to provide or make available information which is already given to the payment service user on the basis of a framework contract with another payment service provider or which will be given to the payment service user according to that framework contract.

AddedPrior general information

Added1. Before the payment service user is bound by a single payment service contract or offer, the payment service provider shall make available to the payment service user, in an easily accessible manner, the information and conditions set out in Article 13 with regard to its own services. At the payment service user’s request, the payment service provider shall provide the information and conditions on paper or on another durable medium. The information and conditions shall be given in easily understandable words and in a clear and comprehensible form, in an official language of the Member State where the payment service is offered or in any other language agreed between the parties.

Added2. If the single payment service contract has been concluded at the request of the payment service user using a means of distance communication which does not enable the payment service provider to comply with paragraph 1, the payment service provider shall fulfil its obligations under that paragraph immediately after the execution of the payment transaction.

Added3. Payment service providers may also comply with their obligations under paragraph 1 by providing to payment service users a copy of the draft single payment service contract or the draft payment order including the information and conditions set out in Article 13.

AddedInformation and conditions

Added1. Payment service providers shall provide in a transparent, distinguishable and easily understandable way to payment service users at least the following information and conditions:

Added(a) a specification of the information or unique identifier to be provided by the payment service user in order for a payment order to be properly placed or executed;

Added(b) the maximum execution time for the payment service to be provided;

Added(c) the estimated time for the funds of credit transfers and money remittance transactions to be received by the payment service provider of the payee located outside the Union;

Added(d) all charges payable by the payment service user to the payment service provider and, where applicable, a breakdown of those charges;

Added(e) where applicable, the actual or reference exchange rate to be applied to the payment transaction;

Added(f) where applicable, the estimated charges for currency conversion in relation to credit transfers and money remittance transactions, expressed as a percentage mark-up over a foreign exchange benchmark rate which complies with Regulation (EU) 2016/1011 as well as in real monetary value in the payer’s currency. Those charges shall be displayed no later than the moment when the payer authorises the payment transaction;

Added(g) the alternative dispute resolution procedures available to the payment service user in accordance with Articles 90, 94 and 95.

Added2. In addition, payment initiation service providers shall, prior to initiation, provide the payer with, or make available to the payer clear and comprehensive information on all of the following:

Added(a) the name of the payment initiation service provider, the geographical address of its head office and, where applicable, the geographical address of its agent or branch established in the Member State where the payment service is offered, and any other contact details, including electronic mail address, relevant for communication with the payment initiation service provider; and

Added(b) the contact details of the competent authority designated under this Regulation.

Added3. Where applicable, any other relevant information and conditions set out in Article 20 shall be made available to the payment service user in an easily accessible manner.

AddedInformation for the payer and payee after the placement of a payment order

AddedWhere a payment order is placed through a payment initiation service provider, the payment initiation service provider shall, immediately after initiation, provide or make available to the payer and, where applicable, to the payee all of the following data:

Added(a) confirmation of the successful placement of the payment order with the payer’s account servicing payment service provider;

Added(b) a reference enabling the payer and the payee to identify the payment transaction and, where appropriate, the payee to identify the payer, and any information transferred with the payment transaction;

Added(c) the amount of the payment transaction;

Added(d) where applicable, the amount of any charges payable to the payment initiation service provider for the transaction, and where applicable a breakdown of the amounts of such charges.

AddedInformation for the payer’s account servicing payment service provider where a payment order is placed through a payment initiation service

AddedWhere a payment order is placed through a payment initiation service provider, the payment initiation service provider shall make available to the payer’s account servicing payment service provider the reference of the payment transaction.

AddedInformation for the payer after receipt of the payment order

AddedImmediately after receipt of the payment order, the payer’s payment service provider shall provide the payer with or make available to the payer, in the same way as provided for in Article 12(1), all of the following data with regard to its own services:

Added(a) a reference enabling the payer to identify the payment transaction and the information needed for the payer to unambiguously identify the payee, including the payee’s commercial trade name;

Added(b) the amount of the payment transaction in the currency used in the payment order;

Added(c) the amount of any charges for the payment transaction payable by the payer and, where applicable, a breakdown of the amounts of such charges;

Added(d) where applicable, the exchange rate used in the payment transaction by the payer’s payment service provider or a reference thereto, where different from the rate provided in accordance with Article 13(1), point (e), and the amount of the payment transaction after that currency conversion;

Added(e) the date of receipt of the payment order.

AddedInformation for the payee after execution

AddedImmediately after the execution of the payment transaction, the payee’s payment service provider shall provide the payee with, or make available to the payee, in the same way as provided for in Article 12(1), all of the following data with regard to its own services:

Added(a) a reference enabling the payee to identify the payment transaction and, where appropriate, the payer and any information transferred with the payment transaction;

Added(b) the amount of the payment transaction in the currency in which the funds are at the payee’s disposal;

Added(c) the amount of any charges for the payment transaction payable by the payee and, where applicable, a breakdown of the amounts of such charges;

Added(d) where applicable, the exchange rate used in the payment transaction by the payee’s payment service provider, and the amount of the payment transaction before that currency conversion;

Added(e) the credit value date.

AddedFramework contracts

AddedScope