Payment services requiring authorisation

1. Services enabling cash to be placed on a payment account as well as all the operations required for operating a payment account.

These services enable users to pay cash (coins and banknotes) into a payment account held with the party offering the service. 

2. Services enabling cash to be placed on a payment account as well as all the operations required for operating a payment account.

These services enable users to withdraw or transfer money from a payment account held with the party offering the service. 

3. Execution of payment transactions, including transfers of funds on a payment account with the user's payment service provider or with another payment service provider:

• execution of direct debits, including one-off direct debits;
• execution of payment transactions by means of a debit card or a similar instrument; and execution of credit transfers, including standing orders.

These services enable users to execute payment transactions on the user's payment accounts as meant in the description of services 1 and 2 or on the user's payment account held with another payment service provider.

4. Execution of payment transactions where the funds are covered by a credit line for a payment service user: 

• execution of direct debits, including one-off direct debits;
• execution of payment transactions by means of a debit card or a similar instrument; and
• execution of credit transfers, including standing orders.
  A credit line may include a situation in which the payment service provider advances the amount due.

5. Services involving the issuance of payment instruments and/or the acceptance of payment transactions

A payment instrument is a means or method to initiate a payment order, A payment instrument can be a physical object such as a card (e.g. a credit card), but also a set of procedures.

Accepting payment transactions means that a company guarantees the settlement of transactions by means of an agreement concluded with the payee, e.g. an online retailer. The accepting entity, or acquirer, handles payments to the payee based on the payment orders received.

6. Money remittance

Money remittance services are involved if a payment institution receives funds from a payer for the sole purpose of transferring a corresponding amount either directly to a payee or to another payment service provider that pays the funds to the ultimate beneficiary. No payment account is created in the name of the payer.

In practice, money remittances are made mainly to transfer funds to beneficiaries abroad, in particular in countries with a less sophisticated banking system and a less widespread use of bank accounts. They are also sometimes used to effectuate unexpected urgent payments. 

7. Payment initiation services

At a payment service user's request, a payment service provider initiates a payment order from an online payment account held with another payment service provider. For example initiating an online purchase at a webshop on behalf of a consumer.

8. Account information services

A payment services provider provides consolidated information on one or more payment accounts held by the payment service user by one or more payment service providers.

The Annex to the PSD2 lists the activities that qualify as payment services. The Wft refers to this Annex.