Payment Account Information Duties in Private Banking

Payment account information duties in private banking should be tested through the framework contract and the related contractual documentation, not through a standalone commercial note. A payment account is an account held in the name of one or more payment service users and used for payment transactions under Article 1, point 5, of the Law of 10 November 2009 on payment services, on the activity of electronic money institution and settlement finality in payment and securities settlement systems, as amended (the “2009 Payment Services Law”). Operational rule: before the client is bound, the file must evidence clear information provided on a durable medium.

Three checks structure the analysis.

Qualify the client. Article 59 of the 2009 Payment Services Law allows the parties to disapply all or part of Title III where the payment service user is not a consumer. The derogation must be contractual. It should not be inferred from the relationship.
Check timing and medium. Article 70 of the 2009 Payment Services Law requires the information and conditions set out in Article 71 of the 2009 Payment Services Law to be provided on paper or another durable medium before the payment service user is bound by the framework contract or offer.
Check content and evidence. Article 71 of the 2009 Payment Services Law covers, among other items, the provider, services, charges, rates, communication methods, safeguards, amendments, termination and complaints. Article 60-1 of the 2009 Payment Services Law places the burden of proof on the payment service provider.

Articles 72, 73 and 74 of the 2009 Payment Services Law add lifecycle controls: access to terms, amendment notices and termination. In private banking, this means ensuring that all client-facing documentation remains consistent throughout the life of the relationship, including the general terms and conditions, fee schedules, payment cut-off times, authentication and security procedures, fraud reporting and notification processes, contractual amendment mechanisms and account closure arrangements. The objective is to ensure that clients receive clear and coherent information at each stage of the payment account relationship and that the institution can demonstrate compliance with its ongoing information obligations.

The PSD3 / PSR package should also be monitored without changing the current Luxembourg analysis. The Council and the European Parliament announced a provisional political agreement on 27 November 2025 on the future EU payment-services framework. The Council then published final compromise texts in April 2026 for the Third Payment Services Directive (“PSD3”) and the Payment Services Regulation (“PSR”). PSD3 and PSR do not yet replace the checks applicable under the 2009 Payment Services Law. They do, however, confirm the EU trajectory towards greater harmonisation, transparency and security in payment services.

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References:

Law of 10 November 2009 on payment services, CSSF consolidated English version (https://www.cssf.lu/wp-content/uploads/L_101109_psd_eng.pdf)

Loi modifiée du 10 novembre 2009 relative aux services de paiement, Legilux consolidated version (https://legilux.public.lu/eli/etat/leg/loi/2009/11/10/n1/consolide/20250411)

Council press release of 27 November 2025 on the political agreement on PSD3 / PSR (https://www.consilium.europa.eu/en/press/press-releases/2025/11/27/payment-services-council-and-parliament-agree-to-step-up-the-fight-against-fraud-and-increase-transparency/)

Council document 8222/26 — PSD3 final compromise text (https://data.consilium.europa.eu/doc/document/ST-8222-2026-INIT/en/pdf)

Council document 8221/26 — PSR final compromise text (https://data.consilium.europa.eu/doc/document/ST-8221-2026-INIT/en/pdf)