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Directive on Payment Services (PSD)

The Directive on Payment Services (PSD) provides the legal foundation for the creation of an EU-wide single market for payments. The PSD aims at establishing a modern and comprehensive set of rules applicable to all payment services in the European Union. The target is to make cross-border payments as easy, efficient and secure as ’national’ payments within a Member State. The PSD also seeks to improve competition by opening up payment markets to new entrants, thus fostering greater efficiency and cost-reduction. At the same time the Directive provides the necessary legal platform for the Single Euro Payments Area (SEPA).

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Transposition of PSD

After the formal adoption by the Council and the European Parliament, Member States had around two years to adopt the national rules implementing the Payment Services Directive into domestic law.

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Transposition by Member States

Member States’ options

Despite a full harmonisation approach retained by the PSD, as many as 23 optional provisions left a certain margin of discretion to the Member States.

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Revised Directive on Payment Services (PSD2)

The European Parliament adopts the revised Directive on Payment Services – 08.10.2015

The European Commission welcomes today’s adoption by the European Parliament of the revised Directive on Payment Services (PSD2).

Following the Parliament’s vote, the Directive will be formally adopted by the EU Council of Ministers in the near future. The Directive will then be published in the Official Journal of the EU. From that date, Member States will have two years to introduce the necessary changes in their national laws in order to comply with the new rules.

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Updating payment service rules: MEPs do deal with the Council – 05.05.2015

EU rules on payment services would be updated to improve security, widen consumer choice and keep pace with innovation under an informal deal struck by Economic and Monetary Affairs Committee MEPs and the Latvian Presidency of the Council on 5 May 2015. The updated rules still need to be endorsed by Parliament as a whole and the Council.

Payments legislative package – 24.07.2013

On 24 July 2013, the Commission adopted a legislative package in the field of the EU payments framework. This package which proposes a revised Payments Services Directive (PSD2) and a Regulation on Multilateral Interchange Fees (MIFs) will help the payments framework to better serve the needs of an effective European payments market, fully contributing to a payments environment which nurtures competition, innovation and security to the benefits of all stakeholders and consumers in particular. Modernisation of the legislative framework for retail payments was also defined as one of the key actions of the Commission Single Market Act II and is inter alia a response to the Commission’s Green Paper “Towards an integrated European market for card, internet and mobile payments” of 2012. It provides for the following documents:

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