EBA consults on Guidelines on professional indemnity insurance or comparable guarantee for payment initiation and account information services providers

22 September 2016

The European Banking Authority (EBA) launched today a consultation on its draft Guidelines on the criteria Competent Authorities should consider when stipulating the minimum monetary amount of the professional indemnity insurance (PII) or comparable guarantee for payment initiation and account information service providers under the revised Payment Service Directive (PSD2).
The consultation runs until 30 November 2016.
 
The PSD2 recognises new types of payment services that have emerged in the area of internet payments, such as payment initiation (PIS) and account information (AIS).  
 
The draft Guidelines set out criteria, indicators, calculation methods and a formula Competent Authorities should use when granting authorisation to undertakings applying for the provision of (PIS) and/or approving the registration of undertakings applying for the provision of AIS. 
 

Consultation process

 
Responses to this consultation can be sent to the EBA by clicking on the "send your comments" button on the website.
 
All contributions received will be published following the close of the consultation, unless requested otherwise. Please note that the deadline for the submission of comments is 30 November 2016 and that no attachments can be submitted.
 

Legal basis and background

 
These Guidelines have been drafted in accordance with Article 5(4) of Directive (EU) 2015/2366 on payment services in the internal market (PSD2), which mandates the EBA to issue guidelines, addressed to Competent Authorities, on the criteria they should follow when stipulating the minimum monetary amount of the PII or comparable guarantee for undertakings that apply for provision of PIS or AIS. 
 
The draft Guidelines are one of the 11 mandates conferred onto the EBA by the PSD2, which entered into force on 12 January 2016 and which will apply as of 13 January 2018. 
 
The PSD2 brings into the scope of EU law two new types of services: PIS and AIS. PIS establish a software bridge between the website of the merchant and the online banking platform of the payer's account servicing payment service provider, in order to initiate internet payments on the basis of a credit transfer. 
 
AIS, in turn, provide the payment service user with aggregated online information on one or more payment accounts held with one or more other payment service providers and accessed via online interfaces of the account servicing payment service provider. The payment service user is thus able to have an overall view of its financial situation across all of his/her accounts.