• Implementation plans and monitoring, evaluation and reporting arrangements
The initiative will provide for a review to be completed five years after the date of application. The review will have to pay particular attention to the provisions on open banking rules, fees and charges for payment services, and rules on liability and redress for fraudulent transactions.
• Detailed explanation of the specific provisions of the proposal
Subject matter scope and definitions
The proposal lays down rules applicable to payment services providers related to payments. It does not change the list of payment services established in PSD2. The list of exclusions is largely unchanged. There is a list of definitions, extended from the list in PSD2 and containing more terms and clarifications of certain terms. Definitions of Merchant Initiated Transactions (MITs) and of Mail Orders or Telephone Orders (MOTOs) are introduced. The definition of 'remote payment transaction' under PSD2 is streamlined to
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