Payment Service Directive
From Open Risk Manual
Revision as of 16:54, 11 February 2024 by Wiki admin (talk | contribs)
Definition
Payment Service Directive (PSD) is European Union (EU) legislation that provides the legal foundation for the creation of a single market for payments across the Eurozone, and the necessary legal platform for the Single EuroPayments Area (SEPA).
The introduction of PSD made cross-border payments easier and faster with SEPA payments being used to make transfers across the majority of countries in Europe. Another key objective for the PSD is to improve competition by opening up payment markets to new entrants, providing greater efficiency and cost reduction to end users.
