European Banks Welcome Council Vote on PSD
The European Banking Federation (EBF) welcomes the adoption by the Council of Ministers of Economic and Financial Affairs of the Directive on Payment Services. “This decision puts an end to the lengthy debates which have been held over the last 2 years, declared Guido Ravoet, Secretary General. We are delighted that a solution has finally been adopted and commend the German Presidency for its efforts in finding a suitable compromise, particularly as a result of a renewed, complete and professional consultation process.” European banks indeed feel that the text adopted today strikes a good balance between the various points of view and will in particular allow for a proper implementation which will make payments technically workable. They regret however that the long delay in the decision will mean that the direct debit part of SEPA (Single Euro Payments Area) cannot be implemented before the end of 2009, whilst the banks were aiming at introducing SEPA direct debits by 1st January 2008. But although this particular deadline will not be met, the rest of the SEPA project is moving ahead and will soon dramatically change the landscape in which payment cards and intra- EU payments currently operate and offer greater benefits to consumers in a single currency area.