The Euro Banking Association (EBA) announced today the publication of a high-level overview paper entitled Banks Preparing for PSD: A Guide for Bankers on the Payment Services Directive.

The document has been compiled by the EBA’s Working Group on SEPA and PSD Compliance in order to provide banks with a basic overview of the Payment Services Directive (2007/64/EC).

“The overall aim of Banks Preparing for PSD is to outline in simple language and with the support of explanatory illustrations, overview tables and take-away recommendations the complex issues that banks need to carefully study and address in order to achieve PSD compliance,” said Björn Flismark of SEB, Chair of the EBA Working Group on SEPA and PSD Compliance.

Besides providing a short introduction to the context, purpose, benefits and scope of the Directive, the EBA guide goes into more detail on a number of key provisions from a bank’s perspective.

Among others, the document takes a closer look at PSD requirements relating to execution time, value dating, availability of funds, charges and cash deposits as well as at information and transparency requirements. It also focuses on customer obligations and liabilities with a special focus being placed on claim and refund periods stipulated by the PSD.

Furthermore, the EBA guide gives a general overview of the areas within the banks that will be impacted by the PSD at a practical, strategic and tactical level. The paper concludes by addressing some of the frequently mentioned myths concerning the PSD.

Banks Preparing for PSD can be downloaded as a PDF document from the EBA website at abe-eba.eu. Paper copies are available at the stand of the EBA at SIBOS (C303) or may be requested via e-mail (association@abe-eba.eu).