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PSD Part 5: So What Do Banks Have To Do?

PSD Part 5: So What Do Banks Have To Do?

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...
PSD Part 5: So What Do Banks Have To Do?

PSD Part 4: Refunds and Complaints

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...
PSD Part 5: So What Do Banks Have To Do?

PSD Part 3: Value Dates and Cycle Times

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...
PSD Part 5: So What Do Banks Have To Do?

PSD Part 2: Impact on Competition and Changes to Pricing

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...
PSD Part 5: So What Do Banks Have To Do?

PSD Part 1: Definition, Mechanism and Scope

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...

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