From November 2009, a new EU legal framework, the Payment Services Directive (PSD), will ensure that payments within the EU become as easy, efficient and secure as domestic payments.
PSD aims to improve the clarity of information provided to you, enhance competition and standardise the rights and obligations of banks and their customers.
Therefore, all banks in the EU will need to adhere to a standard set of regulations relating to account information and payment transactions, such as direct debits and cash deposits, in euro, sterling and other EU currencies. Cheques will not be covered by PSD. We will give you more detail over the coming months of how PSD may affect the service we provide to your business. Further information on PSD is available from the Financial Services Authority's website www.fsa.gov.uk
We recommend that you check with your legal advisers how PSD will affect your business. If you have any questions, please speak with your relationship manager.
Contact information
If you would like to discuss your liquidity requirements or have any questions:
Call your
relationship manager