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Simpler and more secure payments
The purpose of SEPA and PSD is to harmonise the European payments market. It shall be easier, cheaper and more secure to make and receive payments in Europe. |
SEPA – Single Euro Payments Area
SEPA is a collaboration between the European Commission, ECB and the European banks. The purpose is that all euro payments, cross-border as well as domestic, will be processed the same way across Europe. SEPA encloses the 27 EU member states, Iceland, Liechtenstein, Monaco, Norway and Switzerland.
In 2008, all banks within EU/EEA and Switzerland adapted their services for payments in euro to a common standard. Through SEPA we will get simple and standardised euro payments in the SEPA area.
SEPA will mean- A common standard in Europe for payments in euro
- No distinction between domestic and cross-border euro payments within Europe
- A common set of payment instruments: clean payments, direct debits and a framework for card payments
PSD – Payment Services Directive
As of 1 November 2009, the EU member states have started to implement the directive. A uniform legal framework applying to all payment services will be based on this directive.
The purpose is to harmonise the European payments market and to make it easier, cheaper and more secure for private individuals and companies to make and receive payments within Europe.
The directive applies to the 27 EU member states as well as Norway, Iceland and Liechtenstein.
Some main points in the directive
- Stricter requirements for terms and conditions and information
- New rules for how long payments are allowed to take
- New rules concerning value dates
- New consumer-friendly liability regulations
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