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Article summary

The Council of the EU, following approval by Member States’ representatives (Coreper), has agreed its position on a legislative package to modernise the EU payment services framework, focusing on reducing fraud, enhancing consumer protection, fostering innovation, and increasing fee transparency. The proposals include a new Payment Services Regulation, amendments to the existing Payment Services Directive (PSD2), and a comprehensive anti-fraud framework involving IBAN checks, fraud-related information sharing, and the inclusion of electronic communication providers in fraud prevention. Transparency measures require upfront disclosure of ATM fees, exchange rates, and payment card scheme fees. Technological developments are addressed by enabling innovative payment service providers to access necessary bank account information, subject to safeguards. The agreement on the Council’s negotiating mandate allows the presidency to begin negotiations with the European Parliament on a final text.