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Payment Service Directive Home

The European Payment Services Directive also known as PSD, applies to payment transactions in euro or in other currencies of the European Union/European Economic Area (including the CHF), within the internal market between Member States of the European Union/European Economic Area. The incorporation of the PSD directive is also imminent in the Greek legislation, setting the frame to conduct payment transactions in the Greek market.

New, added benefits for customers

The PSD is a piece of legislation which applies to all Member States of the European Union/European Economic Area and introduces new, beneficial payment transaction terms which safeguard the rights of citizens and businesses:

  • making payment transactions in any Member State currency (including the CHF) reliable, cost-effective and easy;
  • reducing transaction execution time to the shortest time possible between Member States of the European Union/European Economic Area;
  • enabling funds to be refunded if transactions are disputed, under certain conditions;
  • setting the valeur for the purpose of calculating the interest to be charged or credited to accounts as appropriate.