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).
After the formal adoption by the Council and the European Parliament and the publication, the provisions of this Directive will need to be implemented by all Member States by 1 November 2009.
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Call for tender MARKT/2011/120/H
Study on the impact of Directive 2007/64/EC on payment services in the internal market and on the application of Regulation (EC) No 924/2009 on cross-border payments in the Community - Transposition of PSD
- Directive on Payment Services – Final text