1 Promoting Competition by the New EU Payment Services Directive: Overview of the aims of the Directive and its scope – State of play of transposition.

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1 Promoting Competition by the New EU Payment Services Directive: Overview of the aims of the Directive and its scope – State of play of transposition Javier PALMERO ZURDO Retail issues, consumer policy and payment systems (H3) DG “Internal Market and Services” European Commission -  0032/ “AK e-payment” Brussels, 15 May 2008 The views expressed are those of the author and do not necessarily reflect those of the Commission.

2 Overview of the aims of the PSD and its scope I.EvolutionA step forward an EU Single Payments Market II.Why ? Economic benefits III.How & Who?PSD / COM / ECB / EPC IV.PSDThe 3 pillars V.PSD… and SEPA scopes VI.Conclusions

3 I. Evolution: a step forward an EU Single Payments Market (SPM) 1992: Internal Market : Euro 2001: Regulation (EC) 2560/2001 on cross-border transfers / principle of equal charges 2002 : Euro notes and coins but still national payment markets 2003: Communication on a New Legal Framework (NLF) 2005: Commission proposal for a PSD 2007: PSD adoption 2008: SEPA launch – first SEPA credit transfer 1/1/2009: Deadline for PSD transposition End 2010: Critical mass migration to SEPA product

4 II. Why? POLITICALLY NEEDED FOR MORE ECONOMIC INTEGRATION IN EURO-AREA Legal barriers:Fragmented legal framework– 27 sets of different national rules Commercial and technical barriers: a market driven process – European Payments Council (EPC) – agreements between banks of 31 countries

5  46 legal entities in 10 countries  Banking relationships with multiple banks in 16 countries  different accounting systems  some SAP 4.6/B  some SAP 4.6/C  Usage of 20 different electronic banking packages  Domestic: 10 different formats supported  Cross border: 7 different formats used  For 13 entities paper based delivery to the bank  For 8 entities manual input in bank software  Direct debits: 6 formats supported  Electronic receipts: 5 different formats for 3 countries applied SystemsFormats SEPA offers potential for extensive efficiency gains SEPA potential for corporates Example: big corporate operating in 25 European countries

6 SEPA benefits for corporates European entities as internal clients to shared service center Shared service center acting as company‘s interface to banks Using one formatSending one formatReceiving one format Company's transaction banks in Europe Shared Service Center Bank A Bank B Bank C

7 Three SEPA pillars III. How and who? Regulator: Payment Services Directive provides the legal foundation for SEPA (including domestic payments) Banks’ supervisor: sets requirements, timelines & monitors progress Represents banking community: coordinates the realisation of SEPA

8 IV. The three PSD pillars Enhanced competition by opening up markets to new players Access to market Payment institutions Prudential rules for authorisation (FATF VI) Increased transparency through harmonised information requirements Improve consumer protection and Choice Standardised rights and obligations for providers and users Clarity, harmonisation and legal certainty MORE COMPETITION !!! ++ =

9 V. PSD and SEPA scopes C.o.B. rulesPSDSEPA Geographical EU + EEA (30)EU+EEA+ Switzerland Currencies Euro + currency of Member State Euro Stakeholders Any PSP under Art. 1Banks Space PSP - PSUInterbank Services Payment services (annex)CT, DD,cards

10 First PSDTG (6/2/2008) Territorial scope: non-EU PSP’s and their branches within the EU Member States’ commitment to adopt necessary measures to implement the PSD well before 1st November 2009!!! Title I

11 Second PSDTG (16/4/2008) Payment account run by a payment institution versus deposit Member States’ commitment to adopt necessary measures to implement the PSD well before 1st November 2009!!! Title II

12 VI. Conclusions  PSD: highly important piece of EU legislation: provides legal foundation for SEPA  Increases competition and protects users  Need to ensure consistent implementation by Member States : May- November, 4 more PSDTG, Titles III-VI  Publicly available website for Q&A

13 Further information European Commission Internal Market and Services DG Financial Institutions Retail Issues, Consumer Policy and Payment Systems Javier PALMERO ZURDO Tel: (32 2) Daniela UMSTÄTTER Tel: (32 2)