On 7 May 2024, the Council of the EU published the European Central Bank’s opinion on the proposed Regulation on payment services in the internal market and the proposed Directive on payment services and electronic money services repealing Directives 2015/2366/EU and 2009/110/EC. A technical working document produced in connection with the ECB opinion has also been published.

In its opinion the ECB generally welcomes the draft legislative measures and provides comments on the following areas:

  • Access to payment systems.
  • Safeguarding of users’ funds at central banks within the European System of Central Banks.
  • Safeguarding of users’ funds at credit institutions or through safe asset investments.
  • Fraud monitoring and reporting.
  • Strong customer authentication.
  • Open banking.
  • European Banking Authority’s temporary intervention powers.
  • Regulatory technical standards on authentication, communication and transaction monitoring mechanisms.
  • Foreign exchange management.
  • Availability of cash at retail stores (without purchase).
  • Independent ATM deployers.
  • Cash-in-transit companies and cash management companies.
  • Definitions.