- account information service
means an online service to provide consolidated information on one or more payment accounts held by the payment service user with either another payment service provider or with more than one payment service provider;
- account information service provider
means a payment service provider pursuing business activities as referred to in point (8) of Annex I;
- account servicing payment service provider
means a payment service provider providing and maintaining a payment account for a payer;
- 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;
- agent
means a natural or legal person who acts on behalf of a payment institution in providing payment services;
- authentication
means a procedure which allows the payment service provider to verify the identity of a payment service user or the validity of the use of a specific payment instrument, including the use of the user’s personalised security credentials;
- 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;
- business day
means a day on which the relevant payment service provider of the payer or the payment service provider of the payee involved in the execution of a payment transaction is open for business as required for the execution of a payment transaction;
- co-badging
means the inclusion of two or more payment brands or payment applications of the same payment brand on the same payment instrument.
- 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;
- credit transfer
means a payment service for crediting a payee’s payment account with a payment transaction or a series of payment transactions from a payer’s payment account by the payment service provider which holds the payer’s payment account, based on an instruction given by the payer;
- digital content
means goods or services which are produced and supplied in digital form, the use or consumption of which is restricted to a technical device and which do not include in any way the use or consumption of physical goods or services;
- direct debit
means a payment service for debiting a payer’s payment account, where a payment transaction is initiated by the payee on the basis of the consent given by the payer to the payee, to the payee’s payment service provider or to the payer’s own payment service provider;
- durable medium
means any instrument which enables the payment service user to store information addressed personally to that payment service user in a way accessible for future reference for a period of time adequate to the purposes of the information and which allows the unchanged reproduction of the information stored;
- electronic communications network
means a network as defined in point (a) of Article 2 of Directive 2002/21/EC of the European Parliament and of the Council;
- electronic communications service
means a service as defined in point (c) of Article 2 of Directive 2002/21/EC;
- financial institutions
means credit institutions and financial institutions as defined in points (1) and (2) of Article 3 of Directive (EU) 2015/849;’.
- framework contract
means a payment service contract which governs the future execution of individual and successive payment transactions and which may contain the obligation and conditions for setting up a payment account;
- funds
means banknotes and coins, scriptural money or electronic money as defined in point (2) of Article 2 of Directive 2009/110/EC;
- group
means a group of undertakings which are linked to each other by a relationship referred to in Article 22(1), (2) or (7) of Directive 2013/34/EU or undertakings as defined in Articles 4, 5, 6 and 7 of Commission Delegated Regulation (EU) No 241/2014, which are linked to each other by a relationship referred to in Article 10(1) or in Article 113(6) or (7) of Regulation (EU) No 575/2013;
- home Member State
means either of the following:
- host Member State
means the Member State other than the home Member State in which a payment service provider has an agent or a branch or provides payment services;
- 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;
- means of distance communication
means a method which, without the simultaneous physical presence of the payment service provider and the payment service user, may be used for the conclusion of a payment services contract;
- microenterprise
means an enterprise, which at the time of conclusion of the payment service contract, is an enterprise as defined in Article 1 and Article 2(1) and (3) of the Annex to Recommendation 2003/361/EC;
- 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, and/or where such funds are received on behalf of and made available to the payee;
- own funds
means funds as defined in point 118 of Article 4(1) 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 is equal to or less than one third of Tier 1 capital;
- payee
means a natural or legal person who is the intended recipient of funds which have been the subject of a payment transaction;
- payer
means a natural or legal person who holds a payment account and allows a payment order from that payment account, or, where there is no payment account, a natural or legal person who gives a payment order;
- payment account
means an account held in the name of one or more payment service users which is used for the execution of payment transactions;
- payment brand
means any material or digital name, term, sign, symbol or combination of them, capable of denoting under which payment card scheme card-based payment transactions are carried out;
- payment initiation service
means a service to initiate a payment order at the request of the payment service user with respect to a payment account held at another payment service provider;
- payment initiation service provider
means a payment service provider pursuing business activities as referred to in point (7) of Annex I;
- payment institution
means a legal person that has been granted authorisation in accordance with Article 11 to provide and execute payment services throughout the Union;
- payment instrument
means a personalised device(s) and/or set of procedures agreed between the payment service user and the payment service provider and used in order to initiate a payment order;
- payment order
means an instruction by a payer or payee to its payment service provider requesting the execution of a payment transaction;
- payment service
means any business activity set out in Annex I;
- payment service provider
means a body referred to in Article 1(1) or a natural or legal person benefiting from an exemption pursuant to Article 32 or 33;
- payment service user
means a natural or legal person making use of a payment service in the capacity of payer, payee, or both;
- payment system
means a funds transfer system with formal and standardised arrangements and common rules for the processing, clearing and/or settlement of payment transactions;
- payment transaction
means an act, initiated by the payer or on his behalf or by the payee, of placing, transferring or withdrawing funds, irrespective of any underlying obligations between the payer and the payee;
- personalised security credentials
means personalised features provided by the payment service provider to a payment service user for the purposes of authentication;
- reference exchange rate
means the exchange rate which is used as the basis to calculate any currency exchange and which is made available by the payment service provider or comes from a publicly available source;
- reference interest rate
means the interest rate which is used as the basis for calculating any interest to be applied and which comes from a publicly available source which can be verified by both parties to a payment service contract;
- remote payment transaction
means a payment transaction initiated via internet or through a device that can be used for distance communication;
- sensitive payment data
means data, including personalised security credentials which can be used to carry out fraud.
- strong customer authentication
means an authentication based on the use of two or more elements categorised as knowledge (something only the user knows), possession (something only the user possesses) and inherence (something the user is) that are independent, in that the breach of one does not compromise the reliability of the others, and is designed in such a way as to protect the confidentiality of the authentication data;
- unique identifier
means a combination of letters, numbers or symbols specified to the payment service user by the payment service provider and to be provided by the payment service user to identify unambiguously another payment service user and/or the payment account of that other payment service user for a payment transaction;
- value date
means a reference time used by a payment service provider for the calculation of interest on the funds debited from or credited to a payment account;