Payment Services Directive Intensive

Following the adoption of the Payment Services Directive (“PSD”) by the European Parliament on 24 April E-Finance & Payments Law & Policy will be holding a full day practical intensive on the latest developments with the PSD. This event will be co-hosted with lawyers from the international law firm Sidley Austin.

The PSD is a critical part of the EUs Single European Payments Area (« SEPA ») which is scheduled to be launched on 1 January 2008 when banks are expected to offer new SEPA payment products.

The PSD will have far reaching and important consequences for all those involved in the payments industry. The PSD will introduce a new category of licence for non-bank payment providers to be known as « payment institutions » and also introduce new requirements for all payment service providers including banks, e-money institutions and payment institutions. These new requirements include detailed information requirements to be provided to payment users and a set of statutory rights and obligations on both providers and users relating to such matters as liability for transactions and settlement times.

presentation of Me Etienne Wéry : 3.25 – 3.55 pm What are the practical implications for Banks and other payment service providers of the PSD? What do payment services providers need to do now?