Madrid, 4 de Mayo 2020
Account Information Service: an online service providing consolidated information about one or more payment accounts held by the user with either another payment service provider or with multiple providers.
Account Information Service Provider: a payment service provider engaged in account information services.
Authentication: a procedure which allows the payment service provider to verify the identity of a payment service user or validate the use of a specific payment instrument, including the use of the user’s personalised security credentials.
Digital Content: any goods, service or product supplied in digital form, the use or consumption of which is restricted to a technical device and which doesn’t include the use or consumption of physical goods or services.
Payee: a natural or legal person who is the intended recipient of funds which are subject to a payment transaction.
Payer: a natural or legal person who holds a payment account and authorises a payment from that account, or, where there is no payment account, a natural or legal person who makes a payment order.
Payment Account: an account held in the name of one or more payment service users which is used to make payment transactions.
Payment Initiation Service: a procedure to initiate a payment order at the request of the user which relates to a payment account held with another payment service provider.
an account held in the name of one or more payment service users which is used to make payment transactions.
Payment Institution: a legal person that has been authorised by the relevant entity in accordance with Article 11 of the directive to provide and execute payment services throughout the European Union.
Payment Instrument: a personalised device or set of procedures agreed between the payment service user and the payment service provider.
Payment Order: an instruction by a payer or payee to their payment service provider requesting that a payment transaction be made.
Payment Service: any business activities which carry out payment services such as, for example: enabling cash to be deposited in or withdrawn from a payment account, the execution of payment transactions, execution of payment transactions where the funds are covered by credit, issuing of payment instruments, money remittance, payment initiation services and account information services.
Payment Service Provider: a body or entity established in Article 1, Paragraph 1, such as credit organisations, electronic money organisations, postal giro institutions, the European Central Bank, as well as the member states and natural or legal persons benefiting from an exemption pursuant to Article 32 or 33.
Payment System: a funds transfer system regulated by standardised arrangements with common rules for processing, clearing or settling payment transactions.
Payment Transaction: an action initiated by the payer or on their behalf or by the payee, to deposit, transfer or withdraw funds, irrespective of any underlying obligations between the payer and the payee.
Personalised Security Credentials: personalised features provided to the user by the payment service provider for the purposes of authentication.
Payment Service User: a natural or legal person who uses a payment service, whether as a payer, payee or both.
Remote Payment Transaction: a payment transaction initiated online or using a device that can be used for distance communication.
Sensitive Payment Data: any data, including personalised security credentials, which could be used to carry out fraud. The name of the account holder and account number do not constitute sensitive payment data.
Strong Customer Authentication: authentication using two or more elements categorised as knowledge (something only the user knows), possession (something only the user possesses) and inherence (something the user is) with the aim of protecting the confidentiality of authentication data.
Unique Identifier: a combination of letters, numbers and symbols provided to the user by the payment service provider to be able to unambiguously identify another payment service user and/or the payment account of that other user for a payment transaction.
This brief dictionary is a basic tool so that payment service customers, financial organisations or service providers can fully understand all the key concepts in PSD2. This way, they can make more informed decisions about the right products for them or the ones that they are most interested in, with no associated unknown risks. The key to making good decisions is to have as much information as possible – and the simpler it is, the better.
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