SEB Ready for Incoming Payments to Sweden in Time for PSD Launch
Nordic bank SEB will be ready for incoming payments to Sweden under the Payment Services Directive (PSD) in time to hit the deadline of 1 November 2009, even though the Swedish PSD legislation will not be transposed until the spring of 2010.
The PSD aims to make payments on the European market easier and more cost efficient for corporates and clients and is an important building block in creating a single European payment market.
“For clients, the PSD will entail two major changes in terms of payments. Transferred amounts shall reach the receiver intact – no deductions may be made from the payment amounts, as previously occurred. Instead, any fees must be reported separately. In addition, the amount will be available to the recipient the same day as the receiving bank is credited,” said David Teare, global head of customer relationship management (CRM) at SEB. “SEB fulfils these requirements also in Sweden from 1 November, as this is something that our customers, other countries’ banks and their customers expect.”