EMA: position on the draft Payments Account Directive

In may 2013, the European Commission published a legislative proposal on Payments Accounts. The proposal stipulates requirements for all Payment Services Providers and Member States with respect to:

  • Comparability of payment account fees
  • Payment account switching
  • Access to payment accounts

The Electronic Money Association has responded to the Payments Account Directive by proposing that a distinction be made between those companies that offer specialised payment, card- or e-money accounts for specific services as opposed to the full-service bank deposit accounts that include direct debits, standing orders etc. We outlined that our members offer specialised payment services to their customers, in their capacity as credit-institutions, electronic money issuers and payment service providers. The very specific and limited functionality of these offerings justifies an exemption from the scope of this Directive.

The next steps in the process are that the European Parliament and Council further work on the wording and scope of the Directive after which a reconciliation will occur to establish a final text.