Recital 15

(15) Payment institutions and electronic money institutions should contribute to facilitating the uptake of instant credit transfers in euro and should therefore be subject to the requirements of this amending Regulation. However, payment institutions and electronic money institutions are not included in the list of entities which fall under the definition of the term ‘institution’ in Directive 98/26/EC of the European Parliament and of the Council (6). Consequently, payment institutions and electronic money institutions are effectively prevented from participating in systems designated by Member States pursuant to that Directive. The resulting inability to participate in such payment systems can impede payment institutions and electronic money institutions from providing instant credit transfers in euro efficiently and competitively. It is therefore justified to amend Directive 98/26/EC in order to include payment institutions and electronic money institutions in the list of entities which fall under the definition of the term ‘institution’ in that Directive, but only for the purpose of defining participants of a payment system.

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Source: EUR-Lex CELLAR · retrieved 2026-08-27 · Text as adopted (Official Journal); later amendments are not incorporated in this text.