The European Banking Authority (EBA) has published a report, in which it reviewed the standardised terms for the most common services related to payment accounts, as mandated by the Payment Accounts Directive (PAD). These standardised terms, which the EBA had issued in 2018, aim at making it easier for consumers to make informed choices by being able to compare payment accounts fees and offers, including on a cross-border basis. The review finds that the standardised terms remain fit-for-purpose across the European Union.
The standardised terms are set out in Regulatory Technical Standards (RTS) developed by the EBA in line with the requirements in the PAD. The EBA is required to regularly review those standardised terms. The EBA carried out its review in the first half of 2025 using a methodology that involved assessing recent EU payments laws, collecting information from National Competent Authorities (NCAs), consulting with relevant stakeholders such as the EBA Banking Stakeholder Group (BSG), and analysing internal data from recently published EBA reports.
The findings of the review indicate that the current list of standardised terms remains suitable and does not require immediate changes. In the review process, the EBA acknowledged that there would be potential benefit for the standardised terms to be amended to include instant credit transfers, due to their increasing prevalence following the implementation of the Instant Payment Regulation (IPR). However, the EBA is of the opinion that the benefit is outweighed by the costs involved, for NCAs and for the industry as a result of the need to make available amended disclosure documents to all of their customers and NCAs. The EBA, therefore, concluded not to amend the RTS and instead to revisit the findings in four years’ time or when significant other market or legislative developments occur to ensure the terminology remains relevant and effective.
Background and legal basis
Article 3(4) of the Payment Accounts Directive (PAD) mandates the EBA to draft RTS setting out the Union standardised terminology for those services that are common to at least a majority of Member States. Article 3(6) of the PAD requires the EBA to review and, where necessary, update the standardised terminology.
The PAD mandates the EBA to regularly review if the standardised terminology in the RTS remains fit-for-purpose and provides clarity and consistency for consumers and stakeholders.
The RTS adopted by the European Commission as a Delegated Regulation are available here.
Source: EBA
