What changed between the plenary report and the adopted text

Subject matter and scope

1. This Directive lays down rules concerning:

(a) access to the activity of providing payment services and electronic money services, within the Union, by payment institutions;

(b) supervisory powers and tools for the supervision of payment institutions.

2. Member States may exempt the institutions referred to in Article 2 (5), points (4) to (23), of Directive 2013/36/EU from the application of all or part of the provisions of this Directive.

3. Unless specified otherwise, any reference to payment services shall be understood in this Directive as meaning payment and electronic money services.

4. Unless specified otherwise, any reference to payment service providers shall be understood in this Directive as meaning payment service providers and electronic money service providers.

Definitions

For the purposes of this Directive, the following definitions apply:

(1) ‘home Member State’ means either of the following:

(a) the Member State in which the payment service provider has its registered office; or

(b) if the payment service provider has, under its national law, no registered office, the Member State in which the payment service provider has its head office;

(2) ‘host Member State’ means the Member State other than the home Member State in which a payment service provider has an agent, a distributor, or a branch or provides payment services;

(3) ‘payment service’ means any business activity set out in Annex I;

(4) ‘payment institution’ means a legal person that has been granted authorisation in accordance with Article 13 to provide payment services or electronic money services throughout the Union;

(5) ‘payment transaction’ means an act of placing, transferring or withdrawing funds, based on a payment order placed by the payer, or on his behalf, or by the payee, or on his behalf, irrespective of any underlying obligations between the payer and the payee;

(6) ‘execution of a payment transaction’ means the process starting once the initiation of a payment transaction is completed and ending once the funds placed, withdrawn, or transferred are available to the payee;

(7) ‘payment system’ means a funds transfer system with formal and standardised arrangements and common rules for the processing, clearing or settlement of payment transactions;

(8) ‘payment system operator’ means the legal entity legally responsible for operating a payment system;

(9) ‘payer’ means a natural or legal person who holds a payment account and places a payment order from that payment account, or, where there is no payment account, a natural or legal person who places a payment order;

(10) ‘payee’ means a natural or legal person who is the intended recipient of funds which are the subject of a payment transaction;

(11) ‘payment service user’ means a natural or legal person making use of a payment service or of an electronic money service in the capacity of payer, payee, or both;

(12) ‘payment service provider’ means a body referred to in Article 2(1) of Regulation XXX [PSR] or a natural or legal person benefiting from an exemption pursuant to Articles 34, 36 and 38 of this Directive;

(13) ‘payment account’ means an account held by a payment service provider in the name of one or more payment service users which is used for the execution of one or more payment transactions and allows for sending and receiving funds to and from third parties;

(14) ‘payment order’ means an instruction by a payer or payee to its payment service provider requesting the execution of a payment transaction;

(15) ‘payment instrument’ means an individualised device or devices and/or set of procedures agreed between the payment service user and the payment service provider which enables the initiation of a payment transaction;

(16) ‘account servicing payment service provider’ means a payment service provider providing and maintaining a payment account for a payer;

(17) ‘payment initiation service’ means a service to place a payment order at the request of the payer or of the payee with respect to a payment account held at another payment service provider;

(18) ‘account information service’ means an online service of collecting, either directly or through a technical service provider, and consolidating information held on one or more payment accounts of a payment service user with one or several account servicing payment service providers;

(19) ‘payment initiation service provider’ means a payment service provider providing payment initiation services;

(20) ‘account information service provider’ means a payment service provider providing account information services;

(21) ‘consumer’ means a natural person who, in payment service contracts covered by this Directive, is acting for purposes other than his or her trade, business or profession;

(22) ‘money remittance’ means a payment service where funds are received from a payer, without any payment accounts being created in the name of the payer or the payee, for the sole purpose of transferring a corresponding amount to a payee or to another payment service provider acting on behalf of the payee, or where such funds are received on behalf of and made available to the payee;

(23) ‘funds’ means central bank money issued for retail use, scriptural money and electronic money;

(24) ‘technical service provider’ means a provider of services which ▌support the provision of payment services, without ▌entering at any time into possession of the funds to be transferred;

(25) ‘sensitive payment data’ means data which can be used to carry out fraud, including personalised security credentials;

(26) ‘business day’ means a day on which the payment service provider of the payer or of the payee involved in the execution of a payment transaction is open for business to execute a payment transaction;

(27) ‘Information and communications technology (ICT) services’ means ICT Services as defined in Article 3, point 21, of Regulation (EU) 2022/2554;

(28) ‘agent’ means a natural or legal person who acts on behalf of a payment institution in providing payment services;

(29) ‘branch’ means a place of business other than the head office which is a part of a payment institution, which has no legal personality and which carries out directly some or all of the transactions inherent in the business of a payment institution; all of the places of business set up in the same Member State by a payment institution with a head office in another Member State shall be regarded as a single branch;

(30) ‘group’ means a group of undertakings that are linked to each other by a relationship as referred to in Article 22(1), ▌(2) or (7) of Directive 2013/34/EU of the European Parliament and of the Council, or undertakings as referred to in Articles 4, 5, 6 and 7 of Commission Delegated Regulation (EU) No 241/2014, which are linked to each other by a relationship as referred to in Article 10(1) or Article 113(6), first subparagraph, or 113(7), first subparagraph of Regulation (EU) No 575/2013;

(31) ‘acquiring of payment transactions’ means a payment service provided by a payment service provider contracting with a payee to accept and process payment transactions, which results in a transfer of funds to the payee;

(32) ‘issuing of payment instruments’ means a payment service by a payment service provider contracting to provide a payer with a payment instrument to initiate and process the payer’s payment transactions;

(33) ‘own funds’ means funds as defined in Article 4(1), point 118, of Regulation (EU) No 575/2013 where at least 75 % of the Tier 1 capital is in the form of Common Equity Tier 1 capital as referred to in Article 50 of that Regulation and Tier 2 capital is equal to or less than one third of Tier 1 capital;

(34) ‘electronic money’ means electronically, including magnetically, stored monetary value as represented by a claim on the issuer which is issued on receipt of funds for the purpose of making payment transactions and which is accepted by other natural or legal persons than the issuer;

(35) ‘average outstanding electronic money’ means the average total amount of financial liabilities related to electronic money in issue at the end of each calendar day over the preceding six calendar months, calculated on the first calendar day of each calendar month and applied for that calendar month;

(36) ‘distributor’ means a natural or legal person that distributes or redeems electronic money on behalf of a payment institution;

(37) ‘electronic money services’ means the issuance of electronic money, the maintenance of payment accounts storing electronic money units, and the transfer of electronic money units;

(38) ‘ATM deployer’ means operators of automated teller machines who do not hold payment accounts.

(39) ‘payment institution providing electronic money services’ means a payment institution which provides the services of issuance of electronic money, maintenance of payment accounts storing electronic money units, and transfer of electronic money units, whether or not it also provides any of the services referred to in Annex I.