by Robert Tripp | Aug 21, 2007 | Articles, Gateways to the Banking Industry
The bottom line is that implementing the PSD will be a significant programme for a UK bank over the next couple of years. Terms and Conditions Time to get the cheque books out for the lawyers. In general the PSD requires banks to change the terms and conditions...
by Robert Tripp | Aug 21, 2007 | Articles, Gateways to the Banking Industry
Good News for Banks The PSD creates the concept of the “unique identifier” for payee. The payer’s PSP should state what is the unique identifier it requires to be able to carry out a transaction (BIC and IBAN, to be able to carry out a transaction (PayPal) etc) in its...
by Robert Tripp | Aug 21, 2007 | Articles, Gateways to the Banking Industry
Execution Cycle The PSD has the concept of day “D”, which is the day that the payment instruction arrives at the Payer’s PSP (e.g. a credit transfer instruction or a credit card payment request). The PSD aims to minimise the delay between the time taken between D and...
by Robert Tripp | Aug 21, 2007 | Articles, Gateways to the Banking Industry
Impact on Competition The PSD creates a new legal figure, the Payment Institution. The Payment Institution is an organisation that provides payments services based on one of the instruments covered by the PSD and in one of the geographies covered by the PSD. In...
by Robert Tripp | Aug 21, 2007 | Articles, Gateways to the Banking Industry, General
The diagram below illustrates the relation between the PSD and other initiatives such as SEPA , EC2560 and UK Faster Payments. As can be seen it is broader in scope than any of these ideas; indeed it forms the overarching legal framework for virtually all payments...
