The Italian Cabinet has adopted a national rule implementing the Payment Services Directive (PSD), effectively transposing the directive into domestic law. Entry into force is expected after publication of the decree on the Gazzetta Ufficiale della Repubblica Italiana, the official journal of record of the Italian government.
The PSD provides the legal foundation for the creation of a EU-wide single market for payments. The national rule contains relevant information for the Italian payment services’ scenario. Among the most significant are:
- Stronger protection for banks’ clients in case of unauthorised or incorrect payments operations.
- Credit transfers’ execution times reduced to a maximum of one working day.
- The introduction of the new category of payment service providers (PSPs), which are non-banking payment institutions (such as retail and telecom operators) that will be allowed to provide and execute payment services throughout the EU/EEA.
“We welcome the news of the definitive approval by the Italian Cabinet of the decree that transposes the PSD in Italy. Our country finally joins the other 17 countries of the EU that have already implemented the PSD into their domestic laws. It represents a fundamental step forward for banks, corporates and consumers in the payment systems’ harmonisation process and towards the creation of the single euro payments area,” said Carlo Tresoldi, chairman of SIA-SSB.
“This law, which strengthens competition, will allow granting all European consumers transparency and reliability in using a new and wider choice of electronic payment services, eliminating the legislative differences among countries. As technology partner of the Italian and international banking system, the SIA-SSB Group renews its commitment to supporting effectively the new business models that are being defined within the European financial sector, thanks to the transposition of the PSD which foresees the introduction of new payment service providers through the realisation of advanced technology infrastructures that facilitate compliance to the new standards set for electronic payments,” he added.
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