As a result of this vote, the text of the Payment Services Directive (PSD) can now be forwarded to the EU Council for final adoption. The EU member states should then transpose the directive as early as possible, and, by November 1, 2009 at the latest, into national law.
The implementation of the PSD aims to ensure that payments within the EU, in particular credit transfer, direct debit and card payments, become as easy, efficient, and secure as domestic payments within a member state, by providing the legal foundation to make the single Euro payments area (Sepa) possible. The PSD will reinforce the rights and protection of all the users of payment services.
The development of the PSD is perceived as a decisive step towards the realization of Sepa, harmonizing the applicable legal framework for the move. The adoption has been welcomed by international card giant Visa.
Peter Ayliffe, president and CEO of Visa Europe, said: I congratulate the European Parliament on today’s vote, which demonstrates that EU legislators strongly support the payment industry’s SEPA project. The Payment Services Directive is the foundation of Sepa – without it, the industry would have had difficulties with meeting its 2010 target.
