The Payment Services Directive (PSD, 2007/64/EC) is a regulatory initiative from the European Commission (Directorate General Internal Market) which will regulate payment services and payment service providers (as defined in the Directive) throughout the European Union (EU) and European Economic Area (EEA). The purpose is to increase pan-European competition and participation in the payments industry (also from non-banks), as well as to provide for a level playing field by harmonising consumer protection and the rights/obligations for payment providers and users. The final adopted text of the Directive (2007/64/EC) was officially published on 5 December 2007, to be transposed into national legislation by all EU (and EEA) Member States by 1 November 2009 at the latest. Although the PSD is a maximum harmonisation Directive, certain elements still allow for different options/choices by individual countries.
Read more about Payment Services Directive: Overview, Key Dates, Key Implications, See Also
Famous quotes containing the words payment and/or services:
“Latin America is very fond of the word “hope.” We like to be called the “continent of hope.” Candidates for deputy, senator, president, call themselves “candidates of hope.” This hope is really something like a promise of heaven, an IOU whose payment is always being put off. It is put off until the next legislative campaign, until next year, until the next century.”
—Pablo Neruda (1904–1973)
“Working women today are trying to achieve in the work world what men have achieved all along—but men have always had the help of a woman at home who took care of all the other details of living! Today the working woman is also that woman at home, and without support services in the workplace and a respect for the work women do within and outside the home, the attempt to do both is taking its toll—on women, on men, and on our children.”
—Jeanne Elium (20th century)