The comparison website enables consumers to find out about the conditions for payment accounts (e.g. current accounts) of various payment service providers free of charge. There are a large number of different payment account fee structures, some of which are linked to various conditions or specific user behaviour.

To enable a comparison of payment accounts, it is therefore necessary to collect the indi-vidual details of the comparison criteria using a uniform system and present them on the comparison website. The comparison website can therefore provide no more than an initial overview of the associated fees.

To obtain a complete overview of the conditions for a specific payment account, consum-ers must contact the relevant payment service provider directly as the payment account agreement is entered into by the consumer and the payment service provider. This agreement is therefore governed by the applicable contractually agreed fees, costs, penal-ties and other provisions.

Re section 1 (Subject matter of the Regulation)

This provision defines the subject matter of this Regulation.

Re section 2 (Data to be reported)

The regulation clarifies the newly introduced obligation in section 17 (2) of the Payment Accounts Act for payment service providers to report comparison criteria to the BaFin. The reporting obligation applies to all payment service providers that offer payment accounts for consumers in the Federal Republic of Germany. This ensures that the payment ac-count comparison can cover a significant part of the German market in accordance with section 18 (6) of the Payment Accounts Act.

Other types of accounts, such as business accounts or overnight accounts, are not cov-ered by the reporting obligation and there is no requirement to report them to BaFin. Pay-ment service providers that do not offer payment accounts to consumers are not subject to the reporting obligation.

Payment service providers based abroad that offer payment accounts to consumers within the scope of the Payment Accounts Act are also covered by the Regulation and must re-port the data on comparison criteria to BaFin. This also applies to branches and subsidiar-ies that offer payment account services to consumers in the Federal Republic of Germany and manage payment accounts. The entity subject to the rights and obligations under this Regulation is the company whose registered office is abroad that operates this branch or subsidiary.

The provisions specify the information to be reported on the applicable payment service provider and the payment accounts it offers. This ensures that all payment service provid-ers operate in a standardised fashion and that the information can be compared. The spe-cific information to be reported (e.g. whether an amount has to be reported in a specific numerical format or a selection has to be made) depends on the published information in accordance with section 5 (2).

The data according section 2 (1) nos. 1 to 6 relates to information on the payment service provider, the payment account offered and the consumer reporting procedure. Disclosing the payment service provider’s web address enables consumers to contact the payment service provider, for example to obtain further information about the payment account.

The data on the binding comparison criteria in accordance with section 2 (1) no. 7 enables consumers to compare the payment accounts being offered. Based on the current legal situation, payment service providers already have to provide updated comparison criteria for the operator of a comparison website and fee information for consumers on their own website. In future, the comparison criteria must be transmitted electronically to BaFin.

Payment service providers often offer payment account services in a package for which they charge a monthly account management fee. The scope of the packages designed by the payment service providers varies. To create greater transparency for consumers, the payment service provider must indicate whether a certain service is already included in the monthly account management fee. If this is not the case, the amount of the additional fee must be indicated.

Re subsection (1)

Re no. 1

The name of the payment service provider means the name of the company under which the payment service provider is entered in the commercial register.

Re no. 2

If the payment service provider appears in business transactions under another name, this must be disclosed in addition to the name of the payment service provider. This allows payment accounts that are not offered under the name of the legal entity of the payment service provider to be searched for under the name commonly used by consumers. This enables consumers to identify which legal entity is the legal provider of the payment ac-count, even in the case of payment service providers that use several names or brands (e.g. for a branch or following a merger).

Re no. 3

The payment service provider’s web address enables consumers to obtain further infor-mation on the payment accounts being offered (e.g. the full general terms and conditions or the schedule of services and charges) directly on the payment service provider’s website.

Re no. 4

The contact information is necessary for the implementation of an effective procedure for consumer reports set out in section 18 (7) of the Payment Accounts Act. Accordingly, an effective procedure must be established for reporting incorrect information on fees, costs and penalties.

The consumer reporting procedure serves to enable the payment service provider to re-view and, if necessary, correct incorrect information about payment accounts.

By providing a contact for consumer reports to the payment service provider, BaFin can offer consumers an opportunity to contact the payment service provider directly on the comparison website. Consumers can therefore report any incorrect information on fees, costs and penalties directly to the payment service provider. This enables payment service providers to respond effectively and efficiently to the consumer report without any further intermediate steps via BaFin. This gives them an unbureaucratic way of reviewing the re-ported information and, if necessary, of directly satisfying their obligation under section 17 (2) of the Payment Accounts Act by reporting the correction of incorrect information in accordance with section 2 (2). There is no requirement for individual feedback on con-sumer reports.

Re no. 5

The product name is used to assign the reported comparison criteria to a specific payment account offered by the payment service provider. Indicate the product name used to offer the payment account on the German market.

Re no. 6

Indicating the date of the report serves to implement section 18 (5) of the Payment Ac-counts Act. The date of the report of the uniform and complete data set as defined in sec-tion 4 (1) must be indicated for both the initial report and each subsequent report. This ena-bles consumers to recognise the status of the information transmitted about the relevant payment account.

Re no. 7

The Appendix relating to section 2 (1) no. 7 specifies in detail the reportable comparison criteria. These essentially reflect the fee information required to be provided by the pay-ment service provider and the information already required to be provided to the operator of a comparison website under the previous legal situation. In addition, comparison criteria – such as the basic payment account in accordance with the Payment Accounts Act – have been included in order to create greater transparency for consumers.

Re subsection (2)

This provision clarifies that the reporting obligation under section 17 (2) of the Payment Accounts Act also includes the correction of incorrect reports.
For the correction of incorrect information under section 2 (2), the deadlines set out in sec-tion 17 (2) sentences 2 and 3 of the Payment Accounts Act apply, with the necessary modifications, provided that they refer to the inaccuracy of the payment service provider’s report.

Re section 3 (Deadline for initial implementation of the reporting requirement)

For the initial implementation of the reporting obligation, the Regulation sets out a reporting period so that payment service providers can meet the requirements for reporting the data. The other reporting periods result directly from section 17 (2) sentences 2 and 3 of the Payment Accounts Act.

Re section 4 (Format for the report)

The data to be reported electronically will not be edited by BaFin. The complete data set for all payment accounts offered by a payment service provider for consumers must be transmitted to BaFin for both the initial report and each update. This also applies if the addi-tional report is submitted due to a change in only a single disclosure (e.g. adjustment of the account management fee, change in the credit interest rate) or to correct incorrectly re-ported information.

Re section 5 (Correct data transmission)

To guarantee that data is transmitted correctly, payment service providers must, among other things, establish the technical conditions and ensure that they function properly. Any technical problems must be resolved without undue delay.

The requirements for registering payment service providers in accordance with the current user manual for the reporting platform and the information sheet for authorisation for the specialist procedure and use of the specialist procedure must be complied with.

Payment service providers can also meet the reporting obligation by using a third party. They must ensure that the person submitting the report is authorised to make declarations for the reporting payment service provider.
BaFin must be notified of any changes to the information required for registration or au-thorisation for the specialist procedure in the next report via the reporting platform.

Any transmission of data that varies from the requirements of section 5 (2) does not meet the reporting obligation.

Re section 6 (Entry into force)

This provision governs the entry into force of the Regulation.

Re the Appendix (Comparison criteria data to be reported)

The Appendix specifies the data to be reported for the binding comparison criteria in ac-cordance with section 2 (1) non. 7. This ensures that all payment service providers operate in a uniform fashion and that the relevant disclosures on the comparison criteria can be compared. All disclosures are therefore mandatory. The payment service provider must indicate for the individual criteria whether the relevant service is available and whether it is included in the monthly account management fee. If this is not the case, the amount of additional fees and costs attributable to it must be disclosed, including any minimum fees The payment service provider must also disclose whether fees and costs could change if other conditions are met. The specific information to be reported is based on the infor-mation published in accordance with section 5 (2) no. 4.

Re Number 1

This provision clarifies the criterion set out in section 17 (1) no. 2 of the Payment Accounts Act.
The postcode must be indicated for each branch so that consumers can search specifical-ly for branches in a certain area.
The branch network in accordance with section 17 (1) no. 2 of the Payment Accounts Act includes domestic branches that an institution must notify to the Federal Financial Supervi-sory Authority and the Deutsche Bundesbank in accordance with section 24 (1a) no. 4 of the German Banking Act.
The reporting period for changes and updates to the branch network is set out in section 17 (2) sentence 2 of the Payment Accounts Act.

Re Number 2

This provision clarifies the criterion set out in section 17 (1) no. 3 of the Payment Accounts Act.
When consumers use ATMs, the primary factor is how many ATMs they can use free of charge with a debit or credit card. The comparison criterion also refers to ATMs of other institutions where the cash withdrawal function can be used free of charge, for example within an ATM network or other partnership.
The term “ATM” does not include cash deposit and withdrawal options such as those of-fered at supermarket checkouts, petrol station checkouts or using app services.
The reporting period for changes and updates to the ATM network is specified in section 17 (2) sentence 3 of the Payment Accounts Act.

Re Number 3

For consumers, it is important to know how their deposits into payment accounts are pro-tected. The statutory deposit guarantee schemes in Europe are harmonised by European legislation. However, EEA signatory states can depart slightly from these minimum re-quirements. Additionally, disclosures on deposit protection also distinguish between statuto-ry and voluntary deposit protection.

Re Number 4

The reporting obligation also applies to basic payment accounts in accordance with the Payment Accounts Act. Consumers often do not understand whether the payment ac-count being offered is a basic payment account in accordance with the Payment Accounts Act or a “normal” current account. The comparison criterion “Basic payment account un-der the ZKG” must therefore be specifically selected.

Re Number 5, Number 6 and Number 7

The criteria for the type of account management are intended to make it easier for con-sumers to choose a payment account that is tailored to their preferred type of account management. Multiple responses are possible for the criteria of branch account, online account and banking app. This means that payment accounts that are not assigned to just a single category can also be shown.

Re Number 8

With regard to the authentication procedure for the online use of payment services and access to the payment account, the payment service provider must state whether there is at least one authentication procedure that is included in the monthly fee or whether an ad-ditional fee is charged. Typically, authentication is performed using a smartphone app, text message or a separate device (e.g. TAN generator, chip TAN, photo TAN, HBCI access).

Re number 9

The criteria for special conditions for opening an account allow consumers to restrict the account comparison to those account models for which consumers satisfy the require-ments, such as school student or salary accounts. This information is required to verify whether the consumer belongs to the group of people to which this specific account model is offered.

Re Number 10

The monthly account management fee is a key criterion when choosing a payment ac-count. Accordingly, for individual services linked to a payment account, the payment ser-vices provider is asked whether the fees for these services are included in the package offered and thus in the account management fee, or whether a separate fee is charged in each case.

Re Number 11

The account statement is an important source of information for consumers about the transactions on their payment account. They can only check transactions using the state-ment. Payment service providers therefore have to report the fees for the different types of account statement.

Re Number 12 and Number 13

Developments in recent years have shown that both the credit interest rate and any custo-dy fee are important comparison criteria for consumers.

Re Number 14, Number 15 and Number 16

The criteria for credit transfers largely correspond to the information already required to be published by payment service providers under the previous legal situation regarding the various types of credit transfers, i.e. over-the-counter credit transfers, online credit trans-fers, credit transfers at terminals, etc.

The fee for the real-time credit transfer is a type of credit transfer that is already itemised and published by many payment service providers in the fee information.

Re Number 17 and Number 18

Consumers can make regularly recurring payments by direct debits or standing orders. Direct debits and standing orders are important tools for rationalising payment transactions and preventing late payments. In the case of standing orders, a distinction is made between paperbased and paperless standing orders and any fees for execution.

Re Number 19 and Number 20

These fees are charged when a payment service provider justifiably refuses to honour a direct debit in EUR from EEA states or refuses to execute a credit transfer order in EUR to EEA states.

Re Number 21 and Number 22

The criterion is used to ask whether cash deposits or withdrawals can be made at the counter. The fees charged for this must also be indicated.

Re Number 23

Debit cards are payment cards that are linked to the customer’s payment account where the amount of each transaction using this payment card is debited directly and in full from the customer’s account.
Payment service providers can also record several debit cards if different types of debit cards are offered for a payment account.

For the comparison, the options and applicable fees for cash deposits, options for cash withdrawals at own ATMs, in the ATM network or at third-party ATMs, and in EUR or for-eign currency must be indicated. The option and applicable fee for using the debit card to pay in EUR or foreign currency must also be indicated. Using a debit card to pay in EUR is a payment service that is frequently used, so the fee for this is an important comparison criterion for consumers.

Re Number 24

Credit cards are payment cards that are linked to the customer’s account where the total amount of transactions using this payment card within an agreed period is debited in full or in part from the customer’s account.
Payment service providers can also record several credit cards if different types of credit cards are offered for a payment account.

For the comparison, the options and applicable fees for cash withdrawals at own ATMs or third-party ATMs and in both EUR or foreign currency must be indicated. The option and applicable fee for using the credit card to pay in EUR or foreign currency must also be indicated. Using a credit card to pay in EUR is a payment service that is frequently used, so the fee for this is an important comparison criterion for consumers.

Re Number 25 and Number 26

Indicating the debit interest rate for authorised or unauthorised overdrafts implements the requirement in section 17 (1) no. 4 of the Payment Accounts Act.

Re Number 27

Indicating any penalties implements the requirement in section 17 (1) no. 1 of the Payment Accounts Act.