The first iteration of the Payments Services Directive (PSD) set the legal and regulatory framework to make way for the Single Euro Payments Area (Sepa).
PSD was released in late 2007. A directive of the EU, it was administered by the European Commission (EC) to regulate payment services and payment service providers throughout the EU and the European Economic Area (EEA). PSD’s purpose was to increase pan-European competition and participation in the payments industry from non-banks, and to provide for a level playing field by harmonising consumer protection and the rights and obligations for payment providers and users.
