EU Payment Services Directive

The UK Government is putting before Parliament regulations that will lead to legislation due to be enforced on the 2nd March 2009. This should breathe life into the PSD after a particularly difficult and hazardous pregnancy as banks and other vested interests having been battling away to try and ensure their businesses are protected. The PSD we have today is a far cry from that first muted and it will remain to be seen if it achieves its original objectives. However, let's at least give it a modest fanfare as it begins its final route that finishes when the regulatory authority is established on 1st November 2009.

So from the 1st November everything should be in place for enabling radical change in the European payments industry, which the politicians promised will bring increased competition, lower costs and brand new innovative services. However, I have a feeling all will not be as promised and although the payment donkey has been led to the water it will be sometime before it drinks.