Recital 4

(4)Directive 2007/64/EC of the European Parliament and of the Council of 13 November 2007 on payment services in the internal market ⁵ provides a modern legal foundation for the creation of a Community-wide internal market for payments. In order to ensure legal consistency between both legal acts, it is advisable to amend the relevant provisions of Regulation (EC) No 2560/2001, in particular the definitions.