AI Summary of Article 68 Limits of the use of the payment instrument and of the access to payment accounts by payment service providers
This summary outlines key provisions regarding payment instruments and access to payment accounts. Under a framework contract, payment service providers (PSPs) may set spending limits for transactions. They may also block payment instruments for security reasons, including suspicions of fraud or unauthorised use, and must inform the payer of such actions in a timely manner, unless restricted by law.
Additionally, account servicing PSPs can deny access to payment accounts for evidenced security concerns related to third-party providers. Following such denials, they must inform the payer promptly and report incidents to appropriate authorities for further assessment.
Article 68 Limits of the use of the payment instrument and of the access to payment accounts by payment service providers
1. Where a specific payment instrument is used for the purposes of giving consent, the payer and the payer's payment service provider may agree on spending limits for payment transactions executed through that payment instrument.
2. If agreed in the framework contract, the payment service provider may reserve the right to block the payment instrument for objectively justified reasons relating to the security of the payment instrument, the suspicion of unauthorised or fraudulent use of the payment instrument or, in the case of a payment instrument with a credit line, a significantly increased risk that the payer may be unable to fulfil its liability to pay.
3. In such cases the payment service provider shall inform the payer of the blocking of the payment instrument and the reasons for it in an agreed manner, where possible, before the payment instrument is blocked and at the latest immediately thereafter, unless providing such information would compromise objectively justified security reasons or is prohibited by other relevant Union or national law.