Article 4 (12) Directive 2015/2366/EU (PSD2) defines a payment account as an account held in the name of one or more payment service users which is used for the execution of payment transactions.

A payment transaction is defined in Article 4(5) PSD2 as an act, initiated by the payer or on his behalf or by the payee, of placing, transferring or withdrawing funds, irrespective of any underlying obligations between the payer and the payee.

The fact that the payment account is coupled with a reference account does not in itself affect its qualification as payment account.

To determine whether an account qualifies as payment account, one must assess whether the account can be used for the execution of payment transactions in conformity with the definitions above as interpreted by the European Court of Justice in its ruling in Case C-191/17. The account should allow for sending and receiving funds, including to and from a third party. Also, transactions should be made directly from the account without the use of an intermediary account.

Disclaimer:

The answers clarify provisions already contained in the applicable legislation. They do not extend in any way the rights and obligations deriving from such legislation nor do they introduce any additional requirements for the concerned operators and competent authorities. The answers are merely intended to assist natural or legal persons, including competent authorities and Union institutions and bodies in clarifying the application or implementation of the relevant legal provisions. Only the Court of Justice of the European Union is competent to authoritatively interpret Union law. The views expressed in the internal Commission Decision cannot prejudge the position that the European Commission might take before the Union and national courts.