European Savings Banks Critise Payments Directive

The European Savings Banks Group (ESBG) has welcomed the PSD but warned that the lengthy delays in approving the text could yet undermine the legitimacy of the new Sepa-inspired payment instruments. The ESBG criticised the Directive, in that it risks weakening public confidence in electronic payments by opening the doors to a new category of non-bank ‘payment institutions’. In addition, the Directive strengthens obligations and increases costs for providers of electronic payment services, says ESBG, whilst omitting cash from its scope. Chris De Noose, chairman of the ESBG management committee, says: “An important milestone has been reached but let us be realistic: this Directive alone will not create Sepa. Much rests on transposition and we look for evidence that other stakeholders such as public authorities commit to use the Sepa payment instruments.”


Related reading