French Monetary and Financial Code
In forceFor the purposes of Article L. 314-1, the following definitions apply
1° Direct debit service: a service for debiting a payer's payment account, where a payment transaction is initiated by the payee on the basis of consent given by the payer to the payee, to the payee's payment service provider or to the payer's own payment service provider;
2° Transfer service means a service provided by the payment service provider holding the payer's payment account, consisting in crediting, on the basis of an instruction from the payer, the payment account of a payee by means of a payment transaction or a series of payment transactions carried out from the payer's payment account;
3. "Payment instrument issuing service" means a payment service provided by a payment service provider contractually agreeing to provide the payer with a payment instrument to initiate and process the payer's payment transactions;
4° Payment transaction acquiring service means a service provided by a payment service provider contracting with a payee to accept and process payment transactions so that funds are transferred to the payee;
5° Money transmission service means a service where funds are received from a payer, without creating payment accounts in the name of the payer or the payee, for the sole purpose of transferring a corresponding amount to a payee or another payment service provider acting on behalf of the payee, and/or where such funds are received on behalf of the payee and made available to the payee;
6° Payment initiation service means a service consisting in initiating a payment order at the request of the payment service user concerning a payment account held with another payment service provider;
7° Account information service, an online service consisting of providing consolidated information concerning one or more payment accounts held by the payment service user either with another payment service provider or with more than one payment service provider.
