Knowledge Centre

 - Definitions of key terms

          What is PSD2?

PSD2 or the Payment Service Directive 2, is an EU directive (Directive 2015/2366) which sets out the requirements for businesses providing payment services. Its three aims are to:

  1. Promote innovation

  2. Improve consumer protection

  3. Make payment both safer and more secure.

 

          What are the Payment Services Regulations?

The Payment Service Regulations set out the rules relating to payment services. The Payment Service Regulations 2017 replaced the Payment Service Regulations 2009.

Key features of the Payment Services Regulation: 

  1. Sets out rules for payment service providers

  2. Increased payment security

  3. Increased payment safety

 

          What is a payment account?

A payment account is an account held in the name of the consumer used for the execution of payments.

 

Key features of a payment account are:

  1. Place funds

  2. Withdraw funds

  3. Execute payments

  4. Receive payments

 

Examples of payment accounts are:

  1. Current accounts

  2. E-money accounts

 

          What is money remittance?

Money remittance is defined as a service for the transfer of money without a payment account being created, where:

  1. Funds received by a payer for the sole purpose of transferring the amount to a payee, or

  2. Funds received on behalf of and made available to the payee.

 

         What is passporting?

Passporting enables a firm regulated in one EU country (within the European Economic Area) to provide financial services in other EU countries using a single license. Passporting enables the authorised firm to:

  1. Set up a branch in an EEA state

  2. Provide cross-border services or advice

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