Technical standards: EU terminology for payment account services

This regulation establishes a common set of terms and definitions for the most common services linked to payment accounts across the EU. By standardising this language, the EU aims to make it easier for consumers to compare payment services and understand their account features regardless of which country they are in.

This affects banks, credit institutions, and payment service providers, who must use these standardised terms. It primarily benefits consumers by increasing transparency and reducing confusion when switching providers or opening accounts cross-border.