Payment Services Directive

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QA law

This article was entered in the editorial right for improvement due to formal or factual deficiencies in quality assurance . This is done in order to bring the quality of articles from the subject area law to an acceptable level. Help to eliminate the shortcomings in this article and take part in the discussion ! ( + ) Justification: The first and second payment services directives should be delimited and differences between them worked out, if this article should not even be split up. In addition, the Delegated Regulation (EU) 2018/389 should perhaps be discussed again, as this has an enormous influence - especially for users of online banking services. - Bcoh ( discussion ) 11:37 am , Sep 18. 2019 (CEST)


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Directive (EU) 2015/2366

Title: Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65 / EC, 2009/110 / EC and 2013/36 / EU and Regulation (EU) No. 1093/2010 and repealing Directive 2007/64 / EC
Designation:
(not official) 		Second Payment Services Directive, Payment Services Directive 2
Scope: EEA
Legal matter: Payment service law
Basis: TFEU , in particular Article 114
Procedure overview: European Commission
European Parliament
IPEX Wiki
Come into effect: January 12, 2016
Replaces: Directive 2007/64 / EC
To be
implemented in national law by: 		January 13, 2018
Implemented by: Act implementing the Second Payment Services Directive
Reference: OJ L 337 of 23 December 2015, p. 35
Full text Consolidated version (not official)
basic version
The regulation must have been implemented in national law.
Please note the information on the current version of legal acts of the European Union !

European Union flag

Directive 2007/64 / EC

Title: Directive 2007/64 / EC of the European Parliament and of the Council of November 13, 2007 on payment services in the internal market, amending Directives 97/7 / EC, 2002/65 / EC, 2005/60 / EC and 2006/48 / EC and repealing Directive 97/5 / EC
Designation:
(not official) 		(First) Payment Services Directive (1)
Scope: EEA
Legal matter: Payment service law
Basis: EC Treaty , in particular Article 47 paragraph 2 sentences 1 and 3 and Article 95
Procedure overview: European Commission
European Parliament
IPEX Wiki
Come into effect: December 25, 2007
Replaces: Directive 97/5 / EC
To be
implemented in national law by: 		November 1, 2009
Reference: OJ L 319 of December 5, 2007, pp. 1-36
Full text Consolidated version (not official)
basic version
Regulation has expired.
Please note the information on the current version of legal acts of the European Union !

The Payment Services Directive (abbreviation PSD of English Payment Services Directive ) - precisely the Payment Services Directive 2007/64 / EC, replaced by the second Payment Services Directive (EU) 2015/2366 (abbreviation PSD2) - is an EU Directive of the European Commission in the payment services law for the regulation of payment services and payment service providers across the European Union (EU) and the European Economic Area (EEA). The aim of the directive is to increase Europe-wide competition and participation in the payment industry, including by non-banks , and to create a level playing field by harmonizing consumer protection and the rights and obligations for payment service providers and users.

overview

The self-regulation initiative of the European banking sector to create the European Payments Area (SEPA) is represented in the European Payments Council and defines the harmonization of payment products, infrastructures and technical standards (rulebooks for transfer / direct debit , BIC , IBAN , ISO 20022 XML message format, EMV chip cards / Terminals). The PSD provides the legal framework for all payment service providers.

The aim of the Payment Services Directive with regard to the payment industry was to increase Europe-wide competition with the participation of non-banks and to create a level playing field by harmonizing consumer protection and the rights and obligations for payment service providers and users. The aim of the Payment Services Directive with regard to consumers was to increase customer rights, guarantee faster payments (no later than the next day from January 1, 2012), describe reimbursement rights, and provide more information about payments. Although the PSD is a harmonization guideline, certain elements allow different options by individual countries.

The final approved text of the Payment Services Directive entered into force on December 25, 2007 and should be transposed into national law by all EU and EEA member states by November 1, 2009 at the latest.

Technical overview

The Payment Services Directive contains two main areas:

  1. The “market rules” describe what type of organizations can provide payment services. In addition to credit institutions (i.e. banks) and certain authorities (e.g. central banks, government agencies), the PSD mentions the electronic money institutions created by the E-Money Directive in 2000 and created the new category of " payment institutions ". Organizations that are not credit institutions can apply for approval as a payment institution if they meet certain capital and risk management requirements.
  2. The "Management Rules" define the transparency information service institutions must provide, including any fees, exchange rates, transaction references and maximum execution time. It defines the rights and obligations for both payment service providers and users, how transactions are authorized and carried out, liability in the event of unauthorized use of payment instruments, the reimbursement of payments.

Each country had to designate a “competent authority” for the prudential supervision of the payment institutions.

Updates

The Payment Services Directive was updated in 2009 ( Regulation (EC) No. 924/2009 ) and 2012 ( Regulation (EU) No. 260/2012 ). An implementation report from 2013 found that the Payment Services Directive made it easier to provide uniform payment services across the EU and reduced legal and production costs for many payment service providers. For example, the fees for EUR 100 transfers followed with a further downward trend to an average of EUR 0.50 for online transfers and remained low at EUR 3.10 for transfers initiated at the bank counter.

Remaining problems

  1. The Payment Services Directive (PSD) only applies to payments within the European Economic Area, but not to transactions in or from third countries.
  2. PSD exemptions related to payment activities leave users unprotected.
  3. The PSD option for merchants to charge a fee or give a discount, combined with the option for countries to limit it, has created “extreme heterogeneity in the market”.
  4. So-called “third-party payment service providers” have emerged, which facilitate online shopping through cost-effective payment solutions on the Internet by using the customers' online banking systems with their agreement and telling the merchants that the money is on the way. Other “account information services” offer consolidated information about various accounts of a payment service user.

A harmonization of the reimbursement rules for direct debits, a reduction of the scope of the “simplified regime” for so-called “small payment institutions” and the issues of security, access to information about payment accounts or data protection were proposed.

Revised Payment Services Directive (PSD2)

The revised Payment Services Directive (PSD2) replaces the Payment Services Directive 2007/64 / EC (PSD or PSD1) of November 13, 2007 and has been in force since January 13, 2018.

On October 8, 2015, the European Parliament adopted the European Commission's proposal to create safer and more innovative European payments (PSD2). On November 16, 2015, the Council of the European Union adopted the Revised Payment Services Directive (PSD2), Directive (EU) 2015/2366. The member states had until 13 January 2018 to transpose the directive into their national laws and regulations.

The new rules aim to better protect consumers when they pay online , encourage the development and use of innovative online and mobile payments and make cross-border European payment services more secure. Commissioner Jonathan Hill , in charge of Financial Stability, Financial Services and Capital Markets Union, said: "This legislation is a step towards a digital single market that will benefit consumers, businesses and the economy."

The PSD2 should also strengthen financial start-ups (so-called FinTechs ). The banks are obliged to set up interfaces through which third-party service providers can access the payment accounts of bank customers (open banking). Some banks see open banking as a strategic opportunity and opened up early on beyond the regulatory requirements of PSD2, for example in the form of additional interfaces that enable access to credit card and custody account data. Others are wrestling with fintechs about the right interpretation - and the question of how they can access customer data. The banks insist that in future data will only be queried via special interfaces and no longer via screen scraping of the online banking interface. After a transition period, however, ASPSPs (Account Servicing Payment Service Providers or account-related payment service providers or banks) must either offer all third-party providers their own dedicated interface from September 14, 2019 or let them use the same interface as they provide their own customers. Screen scraping can only be used as a fallback scenario in the event that these fail.

On November 27, 2017, the EU Commission passed corresponding technical regulatory standards for strong customer authentication and for secure open standards for communication, which are intended to make electronic payments in shops and on the Internet more secure. These technical regulatory standards determine, among other things, how third-party providers and account-keeping payment service providers have to communicate electronically with one another. After the regulatory technical requirements (RTS) were adopted by the Commission, the European Parliament and the Council had three months to examine them. They were finally published in the Official Journal on March 13, 2018 as Delegated Regulation (EU) 2018/389 on strong customer authentication and secure open standards for communication. This ordinance applies from September 14, 2019. Until then, all parties involved now have time to implement the technical regulatory standards.

  • The revised directive on payment services was implemented in Germany with the law implementing the second payment services directive on January 13, 2018. With the amending law, the Payment Services Supervision Act will be revised and the civil law provisions in the Civil Code will be adapted. The aim of the law is to adapt the existing legal framework for payment services to technological progress, to improve the security of payments and to strengthen the rights of customers when using common payment methods.
  • In Austria , PSD2 was implemented with the Payment Services Act 2018. This law came into force on June 1, 2018.
  • The Switzerland does not implement EU PSD2 regulation, yet it is discussed whether a PSD2 equivalent regulation to be introduced. In Switzerland, banks, particularly Hypothekarbank Lenzburg , are already granting third-party providers access to accounts and opening the customer interface if this is in the mutual interest of the bank and customer. However, there is no legal obligation for the banks. Switzerland is therefore relying on market economy solutions. The Swiss Bankers Association (SBA) rejects regulation analogous to PSD2 or a legally enforced opening of access rights for third parties.

PSD2 has created two new groups of payment service providers:

A. Account Information Service Providers (AISPs) ' Account Information Services '
AISPs are authorized to access the customer's payment and billing accounts and to provide them with consolidated account information.
B. Payment Initiation Services Providers (PISPs) ' Payment Initiation Services '
PISPs are entitled to initiate electronic payment transactions on behalf of the customer.
  • A Example: Martina would like to get an overview of her finances. How much money does she earn with her online shop each month, how much interest and repayment does she pay for her loan, how high are her credit card statements, etc. For this she uses an AISP that collects and consolidates the required information from the various accounts and banks.
  • B Example: Jan wants to order something from Martina's online shop. He does not have a credit card, does not use paydirekt and he does not have a TAN for a transfer to hand. However, by transmitting additional information (e.g. IBAN), he can initiate a payment to Martina via a PISP so that Martina can send her goods safely.

Another category is:

Coverage inquiry services: These issue a card-based payment instrument, whereby these do not manage the payment account of the payment service user. In order for the third party issuer who does not have access to the payment account of the payment service user to assess his credit risk, he should be able to inquire of the payment service provider in accordance with Art. 65 of PSD2 whether a sufficient amount of money is available on the payment account to settle the outstanding claim. The account-keeping payment institution is obliged to provide information in the form of a “yes” or “no” message. Querying the exact balance is not provided.

Transfer of charges to customers

Due to the revised Payment Services Directive, which came into effect on January 13, 2018, PayPal changed the terms and conditions on January 9, 2018. PayPal has banned merchants from passing PayPal fees on to their customers. This did not apply to companies that have contractually agreed a different practice with PayPal. On December 13, 2018, however, the Munich Regional Court I decided in the Flixbus case that the Payment Services Directive also applies to PayPal and that Flixbus should no longer pass any fees on to customers.

Key data

literature

  • Markus Montz: PSD2: What will change in electronic payment from September . In: c't . No. 15 , 2019, pp. 122–127 ( heise.de [accessed on July 14, 2019] basic article and implementation status).
  • Thomas Klemm: EU Directive PSD2: Online shopping becomes torture. In: Frankfurter Allgemeine Zeitung. Retrieved August 7, 2019.
  • Dimitrios Linardatos: The liability system in cashless payment transactions after the implementation of the Payment Services Directive . Nomos-Verlag, 2013, ISBN 978-3-8487-0709-6 (obsolete, since before PSD2).

Web links

Individual evidence

  1. ↑ Commission Delegated Regulation (EU) 2018/389 of November 27, 2017 supplementing Directive (EU) 2015/2366 of the European Parliament and of the Council with regulatory technical standards for strong customer authentication and secure open standards for communication
  2. ↑ Directive 97/5 / EC of the European Parliament and of the Council of January 27, 1997 on cross-border transfers
  3. ↑ a b Directive 2007/64 / EC of the European Parliament and of the Council of November 13, 2007 on payment services in the internal market, amending Directives 97/7 / EC, 2002/65 / EC, 2005/60 / EC and 2006/48 / EG and on the repeal of Directive 97/5 / EG , accessed on August 11, 2018
  4. ↑ Payment services (PSD 1) - Directive 2007/64 / EC. In: ec.europa.eu. European Commission, accessed April 13, 2017 .
  5. ↑ The Payment Services Directive - What does it bring for the consumer. (PDF) (No longer available online.) European Commission, archived from the original on October 10, 2015 ; Retrieved April 14, 2017 .
  6. ^ Payment Services - European Commission. European Commission, accessed February 13, 2017 .
  7. ↑ Competent authorities for the authorization and supervision of payment institutions (Article 20). (PDF) In: ec.europa.eu. Retrieved April 14, 2017 .
  8. ↑ Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65 / EC, 2009/110 / EC and 2013/36 / EU and the Regulation (EU ) No. 1093/2010 and repealing Directive 2007/64 / EC
  9. ↑ What it is: PSD2 - The Extended Payment Services Directive UNIFI (ISO 20022) , accessed on November 7, 2017.
  10. ↑ Electronic payment services: Council adopts updated rules. European Council, accessed April 14, 2017 .
  11. ↑ Second Payment Services Directive - Article from BaFin's 2016 annual report. Federal Financial Supervisory Authority (BaFin), 2016, archived from the original on August 8, 2017 ; accessed on August 8, 2017 .
  12. ^ J. Rieg: Second Payment Services Directive: New European regulations for payment service providers. Federal Financial Supervisory Authority (BaFin), March 15, 2016, archived from the original on August 8, 2017 ; accessed on August 8, 2017 .
  13. ↑ EU Commission: European Parliament adopts European Commission proposal to create safer and more innovative European payments. EU Commission, accessed April 14, 2017 .
  14. ^ The new EU Payment Services Directive PSD II. In: Konto.org. Franke-Media.net, archived from the original on August 22, 2018 ; accessed on August 22, 2018 .
  15. ↑ Christian Kirsch: Deutsche Bank introduces API for credit cards and deposits. heise online, accessed on August 7, 2019 .
  16. ^ Deutsche Bank API Program - Developer Portal. Deutsche Bank AG, accessed on August 7, 2019 .
  17. ↑ Elisabeth Atzler: Interpretation of PSD2: Fintechs and banks are fighting over customer access. In: Handelsblatt Online. Wirtschaftswoche, June 7th, 2017, archived from the original on August 9th, 2017 ; accessed on August 9, 2017 .
  18. ↑ a b Tobias Lämmle: PSD2 - threat or opportunity? Finanzinformatik Solutions Plus GmbH, April 12, 2018, archived from the original on August 25, 2018 ; accessed on August 24, 2018 .
  19. ↑ EU Commission: Consumers should benefit from safer and more innovative electronic payment services . EU Commission, November 27, 2017, accessed on November 27, 2017.
  20. ↑ Law for the implementation of the Second Payment Services Directive - text, changes, reasons. (on buzer.de).
  21. ↑ Implementation of the Second Payment Services Directive planned. In: bundestag.de. German Bundestag, March 23, 2017, archived from the original on August 9, 2017 ; accessed on August 9, 2017 .
  22. ↑ Monthly report of the BMF October 2017 - Analyzes and reports: Second Payment Services Directive - Amendment of the Payment Services Supervision Act. In: www.bundesfinanzministerium.de. Federal Ministry of Finance, October 2017, archived from the original on August 22, 2018 ; accessed on August 22, 2018 .
  23. ↑ Uniform rules for Europe: That will change in 2018 in payment transactions. Federal Government, December 8, 2017, archived from the original on October 4, 2018 ; accessed on October 4, 2018 .
  24. ↑ Finances and insurance: more consumer protection in payment transactions and simplification of follow-up financing. Federal Ministry of Justice and Consumer Protection, archived from the original on October 4, 2018 ; accessed on October 4, 2018 .
  25. ↑ Federal Ministry of Finance press release No. 6 of 2017 - International / Financial Market: Federal Government strengthens competition and security in payment transactions. Federal Ministry of Finance, archived from the original on October 4, 2018 ; accessed on October 4, 2018 .
  26. ↑ Bernd Fletzberger: The Payment Services Act 2018. Accessed on October 28, 2018 .
  27. ↑ Open Banking in Switzerland . In: MoneyToday . May 5, 2017 ( moneytoday.ch [accessed January 19, 2019]).
  28. ^ Rolf Brüggemann: Payment Services Directive (PSD2) . Swiss Bankers Association , accessed November 8, 2017.
  29. ↑ EU abolishes paying for paying. In: welt.de , December 29, 2017, accessed December 24, 2018.
  30. ↑ Flixbus is not allowed to charge a PayPal fee. In: lto.de. December 13, 2018, accessed September 14, 2019 .