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Looking at today’s European payment landscape, it is evident that payment products vary significantly as each country has developed payment products in accordance with local practices and legislation. In the years ahead this will change: the national payment systems will gradually move to a more efficient and harmonised European payments market. Two major initiatives will be responsible for this change:
- The initiative taken by European Banks to standardise Euro payments which is known as the Single Euro Payments Area (SEPA); and
- Legislation adopted by the European Union: the Payment Services Directive (PSD).
Here you will find more information on the upcoming changes: how it may affect your business, which opportunities it provides, and which actions you can take to prepare your business for these changes.
SEPA (Single Euro Payments Area)
SEPA simplifies the European payments environment through standardised payment products, message formats, banking connectivity channels, transaction processing times and uniform reporting. Within SEPA, it is as easy, safe, cheap and quick to make cross-border euro payments as domestic euro transactions nowadays. However, this will require adjustments throughout the financial supply chain. On 14 February 2012, the final step was taken and SEPA legislation was officially passed by the European Parliament. The legally binding deadline for phasing out the domestic credit transfer and direct debit is 1 February 2014. This is a major milestone in European payment history as it means that SEPA is now, more than ever, a reality for all of us: businesses, consumers and banks across Europe.
PSD (Payment Services Directive)
On 1 November 2009 the PSD law came into effcet throughout Europe, providing the legal framework for all payment services including SEPA.2 As your payment service provider, ING is ready to provide you payment services that fully comply with the PSD. Across Europe, ING offices have updated their contractual documentation and the manner in which payments are processed.
Updated Terms and Conditions for Payment Services as per 1st of January 2012
Please click here to find the updated Terms and Conditions for Payment Services as per 1st of January 2012 for ING entities across Europe.