The Payment Services Directive

At Citi we continue to take a proactive stand on market change through our leading role with the EU Commission and Member States. For the Payment Services Directive (PSD) this means ensuring a consistent interpretation and transposition of this legislation that will ultimately allow all clients to reap the benefits of an integrated Single Market for Payments in Europe.

The PSD will affect all providers of payment services with compliance expected to be a challenging exercise due to the various approaches that will be taken by each Member State. The high cost implications demand you have a strong understanding of how the PSD will impact you as well as a clear strategy and project team in place to manage the move to European harmonization of the legal environment for payments.

With Citi, you have a trusted advisor who can assist you in turning the challenges that lie ahead into opportunities.

The European Banking Industry PSD Expert Group, chaired by Ruth Wandhöfer from Citi, has published the industry guidance designed to assist financial institutions with the implementation of PSD in their businesses, click here to download your copy of the guide.

What is the Payment Services Directive The Payment Services Directive (PSD) is a critical piece of legislation that will impact how banks do business across the 30 countries of the European Economic Area (EEA) that make up the Single Market. The PSD will: Enter into force in all EEA countries via national legislation by the 1 November 2009 Impact all current and future providers and users of payment services within the EU and beyond as well as market infrastructures, card schemes, software vendors and other ancillary service providers. Provide the legal foundations for the Single Euro Payments Area (SEPA) initiative and: Introduce a new licensing regime to encourage non-banks to enter the payments market Set common standards for terms and conditions with a focus on high levels of transparency Establish maximum execution times for payments in euro and other EU/EEA currencies Introduce a shift in liability between providers and customers in the interests of consumer protection Aim to encourage the adoption of more efficient payment types

LEARN MORE

• Addendum to the Guidance for the Implementation of PSD
• Guidance for the Implementation of PSD
• PSD - Frequently asked questions, Sept 2009
• National differences - The Payment Services Directive is an issue for banks, corporates, market infrastructures, regulators and non-bank payment providers
• The Payment Services Directive (PSD) requires banks to undermine their own business advantage. So do they know when they are beat - or will they take on non-bank upstarts?
• PSD guide for financial institutions