Payment account
An account held in the name of one or more payment service users and used to execute payment transactions.
Under PSD2, a payment account is an account held in the name of one or more payment service users which is used for the execution of payment transactions. Current accounts and many e-money accounts qualify, while savings accounts often do not, which matters because open banking access rights in the European Union and the UK attach to payment accounts. When an agent reads balances or initiates payments under those rules, the payment account is the object it is acting on.
Agent Minute explains this term on 23 October 2026.
Related terms
Payment service providerA firm authorised to provide payment services, such as a bank, an e-money institution or a payment institution.Account servicing payment service providerThe provider that provides and maintains the payer's payment account, typically the customer's bank.Account information serviceAn online service providing consolidated information on a user's payment accounts held with other providers.Open bankingCustomers letting authorised third parties access their payment account data and initiate payments through secure APIs.