However , they shall be allowed to provide payment services within the Community only within the Member State of registration .

They are also prohibited from accepting deposits from payment service users and are permitted to use funds received from payment service users only for providing the payment services listed in the Annex to the Payment Services Directive .

However , payment service providers may decide to grant more favourable terms to payment service users .

( iv ) not to commingle payment service users funds with the funds of the payment service provider or any other payment service user or person

End to end straight through processing Value added services offered before payment Value added services offered after payment

The PSD will give payment institutions the possibility of offering a broad range of payment services .

Article 36 Information to be provided to the payer subsequent to the execution of an individual payment transaction 1 .

the transposition of the Payment Services Directive

a programme of operations stating in particular the investment or ancillary services which it intends to provide and whether it intends to employ the services of tied agents in the territory of the Member States in which it intends to provide services .

Banks , payment service providers , consumers , vendors

Firms may be licensed at national level to provide one or more non core services without being licensed to provide any of the core services .

Issuing of payment cards which allow the payment service user to transfer funds .

whether the AIFM provides its services directly or by delegation

( 5 ) Issuing of payment cards which allow the payment service user to transfer funds .

prudential requirements for a new category of payment service providers , namely payment institutions .

TITLE II Payment service providers Chapter 1 Payment institutions SECTION 1 GENERAL RULES

Funds received from payment service users and specifically accepted in connection with a payment service shall not be used by payment institutions to support other business activities other than payment services .

ECB Opinion on payment services in Slovakia

Number of institutions ( 1 ) Number of offices Value of overnight deposits held by non MFI ( 2 ) ( euro million ) Other institutions offering payment services to non MFIs

ECB Opinion on payment services in Romania

The use of cross border payment services would be facilitated .

In addition , the alignment of ELMIs with payment institutions is complicated by the need to differentiate between payment services based on payment accounts and e money payment services based on centralised accounts .

The objective of CLSS is to provide multi currency services for the simultaneous settlement of both legs of foreign exchange transactions , whereby , through implementation of a payment versus payment mechanism , foreign exchange settlement risk will be largely eliminated .

Banks , payment service providers , card schemes , processors

( a ) in relation to funds received from payment service users , which have been accepted for a payment transaction , a payment institution shall segregate such funds from other funds accepted for activities other than payment services and account for them separately in its books

Payment institutions shall be entitled to engage the following activities exclusively in the following activities ( a ) the provision of payment services

( c ) no funds of a payment service user may be commingled with the funds of a payment service provider or any other payment service user or any other person other than the payment service user on whose behalf the funds are held

In cases where a payment institution intends to provide payment services through a tied agent or a subsidiary , it shall communicate the name and address of the tied agent or subsidiary to be used to the competent authorities in its home Member State .

Obviously , the system owners and operators have the primary responsibility of ensuring the reliable functioning of the market infrastructures and of providing safe and efficient payment and settlement services .

Central banks acting as monetary authorities and public authorities which provide payment services are not considered to be payment service providers .

ANNEX PAYMENT SERVICES UNDER ARTICLE 4 1 .

TABLE 3 Institutions offering payment services to non MFIs ( )

Other institutions offering payment services to non MFIs

Number of institutions ( 3 ) Number of offices Value of overnight deposits held by non MFI ( euro million ) Value of transferable overnight deposits ( 4 )

What is the PSD ?

27.12.2007 EN

PRESS RELEASE 24 April 2007 Payment Services Directive

In addition , the payment service provider shall be strictly liable for any charges , and for any interest charged to the payment service user as a consequence of the non execution or defective execution of the payment transaction .

In cases where all the conditions set out in the payment service contract in accordance with Article 31 are met , the payer 's payment service provider shall not refuse to execute a payment order which has been initiated through a payment service provider other than the holder of the payer 's payment account and which is covered by the authorisation given by the payer . EN

Payment institutions shall be entitled to engage in the following activities ( a ) ( b ) the provision of payment services

3 . The payment service provider of the payer shall cease to make funds available to the payer as soon as those funds are debited from the payer 's payment account .

Subsequent to the execution of a payment transaction , the payment service provider shall provide the payer with at least the following information ( a ) ( b ) ( c ) a reference enabling the payment service user to identify each payment transaction and , where appropriate , the information relating to the payee

Some such services , such as e invoicing or e reconciliation , are considered helpful in driving innovation and in fostering more efficient payment services , as they add value to the core payments .

It is essential for the payment service user to know the real costs and charges of payment services in order to make an appropriate choice .

Article 68 Transfers to third countries In cases where the payment service provider of the payee is not located in a Member State , the payment service provider of the payer shall be liable for the execution of the payment transactions only until the funds reach the payee 's payment service provider .