On the access to safeguarding accounts through the Application Programming Interface (API)

Payment institutions that provide payment services as referred to in points (1) to (6) of Annex I to Directive 2015/2366/EU (PSD2) are required to safeguard the funds received for the execution of payment transactions. This can, amongst others, be done by depositing the funds in a separate account at a credit institution (Article 10(1)(a) PSD2). The access to payment accounts is subject to several conditions laid down under Articles 65-67 PSD2. These conditions are, amongst others, that the accessed account be qualified as a “payment account” in accordance with Article 4(12) PSD2, and that the account be accessible online. For an account to be considered as a “payment account” within the meaning of PSD2, the account in question must be used for the execution of payment transactions. Therefore, if the safeguarding account is used for the execution of payment transactions, it is then a payment account which, if accessible online, must be accessible to Third Party Providers (TPPs) through the relevant interface. In view of the use case envisaged by the submitter, we understand that the payment institution/e-money institution (PI/EMI) which has opened a safeguarding account with a credit institution wants to access it through a TPP. This may be possible under the conditions set out above. The payment services users (PSUs) of the PI/EMI however should not be able to access safeguarding accounts through TPPs, since these accounts are opened in the name of the PI/EMI, and not in the name of the PSUs of the PI/EMI. If the payment account is accessible online, the respective PSU (an EMI or a PI) has the right to make use of TPPs’ payment services, in accordance with Articles 66(1) and 67(1) PSD2.