News
Transposition of Payment Services Directive (PSD)
10 July 2009
The Payment Services Directive (PSD) which provides legal support for many elements of SEPA is making progress across the EU and is intended to enter into force in all SEPA countries by November 09. As at end May ’09, only three countries, UK, Bulgaria, and Denmark have completed the transposition. Hungary and Romania are scheduled to complete in June. It is extraordinary that the first five countries out of the trap are non-euro countries, even though SEPA is a program which is primarily directed at Euro countries. There are indications that Sweden will likely have difficulty in meeting the timetable.
The PSD will be the most significant piece of legislation for payments in Ireland – no major payments legislation has been introduced since the 19th century. It will legislate for new forms of payment service providers called “payment institutions”, for conduct of business rules in relation to payments and for user protection.