Payment Services Act

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In December 2009, the Payment Services Act (PSA), entered into force, which aims to standardise payment service operations (transfers, direct debits, cards, etc) throughout the European Economic Area so they can be made with the same ease, efficiency and security as internal payments within each Member State.

What is the aim?

The main aim is to guarantee that payments made within the European Economic Area, specifically and chiefly cash deposits and withdrawals (for current accounts, savings book accounts and credit accounts), as well as TRANSFERS, DIRECT DEBITS (recurrent and non-recurrent) and card operations can be carried out with the same ease, efficiency and security as national payments within each Member State.

Where will the Payment Services Act be applied?

The Act will be applied to payment operations carried out between citizens located within the European Economic Area, in other words EU countries, as well as Iceland, Norway and Liechtenstein.

These payments, with no limit as regards the amount, must be in Euros or in any EU Member State currency.