Can the Payments Services Directive Implementation and SEPA Be Mutually Supportive?

A study of 22 banks across the EU and EEA implies the need for pan-European coordination to ensure a consistent Payments Services Directive (PSD) roll-out if the November 2009 deadline is to be achieved. The results of the survey raise issues as to how PSD transposition can support the achievement of SEPA implementation and migration without such consistency. Inevitably, this puts additional emphasis on the significance of the PSD Transposition Group led by the European Commission. The survey also reveals that a lack of clear dates for PSD transposition and the likelihood of geographical variation in the implementation of the PSD make planning difficult for banks. This affects those operating across Europe most severely. The issues raised threaten the consistent implementation of the PSD provisions. These provisions are an essential element in driving migration to SEPA Schemes across Europe. The study, conducted by Logica in March and April this year, and supported by the IBOS Association, questioned 22 European banks on the implications of PSD transposition for European banks’ business and compliance planning programmes in payments and cash management. The results of the study showed that less than a third of the banks questioned were in a position to know exactly when the directive will be transposed into national law.


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