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A study of 22 banks across the EU and EEA showed that less than a third of the banks questioned were in a position to know exactly when the directive will be transposed into national law. The study implies the need for pan-European coordination to ensure a consistent PSD roll-out if the November 2009 deadline is to be achieved.
“The discrepancies in the timings and details of legislation across European countries threaten consistent transposition of PSD by November 2009”, Simon Bailey, Director of Payments, Logica said. “Each country can choose between a “Mini-PSD” (including all opt-outs) and a “Maxi-PSD” (with no opt-outs). This creates national variations in payments services and does not support pan-European consistency. It also makes planning within banks complex and subject to change.”
The Logica survey of European banks questions whether imminent implementation of the Payments Services Directive (PSD) and SEPA can be made mutually supportive. The issues raised threaten the consistent implementation of the PSD provisions. These provisions are an essential element in driving migration to SEPA Schemes across Europe. Banks are urged to start implementing their established PSD programme plans now if the deadline is to be achieved. The results of the survey raise issues as to how PSD transposition can support the achievement of SEPA implementation and migration without such consistency