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ARTICLE · 02 APRIL 2026

ECJ C-51/25: Clarifying The Interpretation Of Payment Services?

A&O Shearman
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The case was brought before the ECJ in the form of a preliminary ruling. The court was faced with the question of whether the business activities of the plaintiff, Betaal Garant Nederland CV (Betaal)...

GermanyFinance and Banking
Alexander Behrens
Alexander Behrens
Martina Stegmaier
Martina Stegmaier
Suzana Cvejic
Suzana Cvejic
Chloe Barrowman
Chloe Barrowman
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A case currently before the European Court of Justice (ECJ) has the potential to significantly influence the interpretation of payment services regulation in the EU. Manuel Campos Sánchez-Bordona, advocate general of the ECJ, has published an opinion in which he advocates a narrower interpretation of payment services under Directive (EU) 2015/2366 (Payment Services Directive 2—PSD2) than is currently employed in many member states, including Germany. Should the ECJ endorse this view, it would have important consequences for the scope of PSD2.

Background

The case was brought before the ECJ in the form of a preliminary ruling. The court was faced with the question of whether the business activities of the plaintiff, Betaal Garant Nederland CV (Betaal), which offers, among other services, security deposits for construction contracts, fall under the definition of payment services. For the security deposit, Betaal enters into an agreement with the client and the

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