The Directive (EU) 2015/2366 establishes a comprehensive regulatory framework for payment services across the European Union. Its primary aim is to enhance consumer protection and security while promoting competition within the payment services market. The Directive introduces clear definitions for payment services and corresponding providers while also addressing issues related to transparency, information requirements, and the safeguarding of user funds. Notably, it delineates the roles and responsibilities of payment service providers, including banks and electronic money institutions, in ensuring efficient and secure transactions.

Moreover, the Directive mandates the adoption of strong customer authentication measures to mitigate risks associated with electronic payments, alongside stipulations for dispute resolution processes for users. It further empowers the European Banking Authority to formulate regulatory technical standards for operational issues such as authentication, data protection and reporting obligations. Compliance with this framework is essential for service providers operating within the payment services landscape.