EBA publishes PAD standards

EBA has published its final draft technical standards under the Payment Accounts Directive on standard terminology for services linked to a payment account, and standardised formats and common symbol of the Fee Information Document and Statement of Fees. There are 8 standardised terms with consumer-friendly definitions, and payment service providers will have to use the terminology in the FID and SoF, as well as using a standardised template for each document. Once the Commission has adopted the standards, they will be translated into the official languages and Member States must then integrate them into their provisional lists of the most representative services and publish their national lists.