PSD - harmonized legislation for payments in Europe
The Payment Services Directive, PSD, provides the same legal framework for all payment services and payments across Europe, be they Euro or non-Euro transactions in national or SEPA formats. The new legislation covers not only the EU but also Norway, Iceland and Liechtenstein. An important aim for the PSD is to ensure consistent consumer protection and improve transparency. At the same time the directive provides the necessary legal platform for the Single Euro Payments Area (SEPA).
The PSD has been implemented into almost all member states' national legislations. In Iceland and Poland, however, this process has been delayed.
SEB and the PSD
SEB has been fully compliant with the directive since the respective deadline set in each one of the twelve affected countries where the bank operates. The PSD is an important building block in creating a single European payment market – a topic that SEB has fronted. SEB is also active in many national and international banking forums, including the European Payments Council (EPC), to ensure necessary PSD-adaptations and common market rules for payments as well as infrastructure.