17 August 2017
Find out more

SEB says ready to meet PSD requirements for incoming payments to Sweden

15 July 2009  |  2145 views  |  0 Source: SEB

The Payment Services Directive (PSD) aiming to make payments on the European market easier and more cost efficient for the clients, shall be met by all banks and institutions in the EU by November 1, 2009, and after adoption also within other EEA countries.

The Swedish PSD legislation is expected to be ready during the spring of 2010, but SEB will already from 1 November follow the main rules of the directive concerning the incoming European payments in these countries' currencies to both private and corporate clients in Sweden.

"For clients, the PSD will entail two major changes in terms of payments. Transferred amounts shall reach the receiver intact, no deductions may be made from the payment amounts, as previously occurred. Instead any fees must be reported separately. In addition, the amount will be available to the recipient the same day as the receiving bank is credited," says David Teare, global Head of CRM. "SEB fulfils these requirements also in Sweden from 1 November, as this is something that our customers, other countries' banks and their customers expect, " Teare concludes.

PSD is an important building block in creating a single European payment market - a topic that SEB has long been at the forefront of. SEB has since the beginning of 2008 managed projects to adapt to the PSD timely when legislation enters into force in the twelve EU and EES countries where it has operations and that are subject to the change. SEB is also active in many national and international banking forums, including the European Payments Council (EPC), to ensure necessary PSD-adaptations and common market rules for payments as well as infrastructure.

PSD Facts
PSD is one leg on the road to a harmonized Europe and aim to create equal legal conditions for all payment services throughout Europe for both individuals and businesses. PSD also creates the necessary legal platform for the Single Euro Payments Area, SEPA. Together, the PSD and SEPA, will reduce national divergences and harmonize payment instruments, technical standards and information on payments.

Comments: (0)

Comment on this story (membership required)

Related company news


Related blogs

Create a blog about this story (membership required)
visit www.dorsum.euvisit www.abe-eba.euvisit www.worldpaymentsreport.com

Who is commenting?

Top topics

Most viewed Most shared
Coinbase raises $100mCoinbase raises $100m
10536 views comments | 14 tweets | 14 linkedin
DBS Bank launches online car selling marketplaceDBS Bank launches online car selling marke...
9941 views comments | 13 tweets | 11 linkedin
China preps central clearing house for mobile payments providersChina preps central clearing house for mob...
9911 views comments | 8 tweets | 15 linkedin
Monzo appoints Curve co-founder Foster-Carter COOMonzo appoints Curve co-founder Foster-Car...
8259 views comments | 1 tweets | 3 linkedin
hands typing furiouslyCompliance: Overcome the data deficit
7716 views 0 | 1 tweets | 8 linkedin