Payment Services Directive (PSD 1)

Payment Services Directive (PSD 1) is an EU Directive dealing with Payment Services. PSD1 (2007/64/EC) is designed to: help develop the Single Euro Payments Area (SEPA); set common standards for terms and conditions; regulate payment institutions (to encourage non-banks to enter the market); provide increased consumer protection and transparency; and establish maximum processing times for payments in euro and other EU currencies.

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