The European Banking Authority (EBA) has published final draft technical standards setting out standardised terminology for services linked to a payment account, and the standardised formats and common symbol of the fee information document and the statement of fees.
The technical standards have been drafted in accordance with Articles 3(4), 4(6) and 5(4) of the Payment Accounts Directive, which mandates the EBA to develop draft regulatory technical standards setting out the EU standardised terminology for those services that are common to at least a majority of Member States; draft implementing technical standards regarding a standardised presentation format for the fee information document and its common symbol and draft implementing technical standards regarding a standardised presentation format of the statement of fees and its common symbol.
The technical standards are aimed at enhancing the comparability of fees through standardised terminology and disclosure documents across the EU. This will allow consumers to compare offers from different payment services providers and to make informed decisions on the payment account that best suits their needs.
The EBA is currently translating the standardised terminology into all EU official languages and will make it available by the end of May 2017. Once the standards are adopted by the European Commission, Member States will have to integrate them into their provisional lists of the most representative services and publish their final notional lists.