The European Banking Authority published a report reviewing the Union standardised terminology for the most common services related to payment accounts under the Payment Accounts Directive (PAD) and concluded that the existing terms remain fit-for-purpose across the European Union, so no immediate amendments will be made to the Regulatory Technical Standards (RTS). The review assessed recent EU payments legislation, collected information from National Competent Authorities (NCAs), consulted stakeholders including the EBA Banking Stakeholder Group (BSG), and analysed internal data from recently published EBA reports. While the EBA identified a potential benefit in adding terminology covering instant credit transfers given their increased prevalence following the Instant Payment Regulation (IPR), it concluded that the associated costs for NCAs and industry, including updating disclosure documents for customers, would outweigh the benefits. The EBA will revisit the findings in four years’ time or earlier if significant market or legislative developments occur.
European Banking Authority 2025-06-20
European Banking Authority keeps Payment Accounts Directive standardised terminology unchanged after concluding it remains fit for purpose
The European Banking Authority (EBA) reviewed the Union standardised terminology for payment account services under the Payment Accounts Directive and found no immediate need for amendments to the Regulatory Technical Standards. Despite recognizing potential benefits in adding terminology for instant credit transfers, the EBA determined the costs would outweigh the benefits. The EBA plans to revisit the findings in four years or sooner if significant changes arise.