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ARTICLE · 12 OCTOBER 2009

Payment Services Directive : Are You Ready?

LK Shields
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The Payment Services Directive 2007/64/EC (the “PSD”) will become effective in Ireland on 1 November 2009 and will introduce a new EU-wide licensing regime for many firms and business that have up until now operated in an unregulated environment.

IrelandFinance and Banking
David Williams
David Williams
Sarah Lyons
Sarah Lyons

The Payment Services Directive 2007/64/EC (the "PSD") will become effective in Ireland on 1 November 2009 and will introduce a new EU-wide licensing regime for many firms and business that have up until now operated in an unregulated environment.

To date the payment services market in the EU has been operated on a national level. The objective of the PSD is to remove this fragmented system and create an EU wide single market for payments, so encouraging competition and efficiency in payment systems. The PSD also provides the necessary legal platform for the Single Euro Payments Area and will reinforce the rights and protection of all the users of payment services. In summary, the PSD will :-

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