Support Centre

EU: Euro Banking Association announces banks' endorsement of e-money transactions note

The Euro Banking Association ('ABE-EBA') announced, on 21 January 2020, that banks from nine EU countries had endorsed a note ('the Note') seeking clarification on the definition of e-money transactions and the related fraud reporting requirements issued by the European Banking Authority ('EBA'). In particular, the EBA's guidelines on Fraud Reporting under the Payment Services Directive ((EU) 2015/2366) ('the Guidelines') require banks and other payment service providers to report fraudulent e-money payment transactions to their national authorities, but they do not specify in detail which transactions fall under the definition of 'e-money' under the E-Money Directive (Directive 2009/110/EC).

Moreover, the ABE-EBA highlighted that the current definitions of e-money provided by the European authorities are not clear enough, and would benefit from a detailed review. Furthermore, the ABE-EBA stated that the requirements of the Guidelines have, or will, become applicable to payment service providers across Europe, depending on the timings decided by their respective national authority and that the varying timings lie between late 2018 and 2021.

You can read the press release here