The final text of the Payment Services Directive (PSD) was published in the Official Journal of the European Union on 5 December 2007. Member States are required to implement the PSD by 1 November 2009. The PSD aims to establish a modern and harmonised legal framework for an integrated payments market.
The European Commission has now updated its questions and answers paper on the PSD. There are new answers on the following issues:
- Payment Institution application.
- Transitional measures – grandfather clause.
- Value Date – Debit value date in case of a bank holiday.
View European Commission updates its Q&A paper on the Payment Services Directive, (PDF 46.3KB), 30 January 2008