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.
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