Services & Rates
Directive on Payment Services
WHAT IS THE DIRECTIVE ON PAYMENT SERVICES?
The European Directive 2007/64 / EC on payment services in the European market, widely known as "PSD" (Payment Services Directive), and creates a single EU-wide legal framework for consumers to enjoy the same level of protection across Europe. The PSD is considered the biggest steps taken to complete the Single European Market. Key objectives are cross-border payments have the same level of convenience, efficiency and security as domestic payments and improve competition.
The PSD is valid in more than 30 countries (European Union, Norway, Iceland and Liechtenstein).
More information can be found in the online part of the European Union: http://ec.europa.eu/internal_market/payments/framework/
In Cyprus the above Directive has been adopted by the Law Regulating the Payment Services and Related Matters (L.128 (I) / 2009).
WHAT IT MEANS FOR CONSUMERS
- Single legislative framework throughout Europe
- Clearer information on payments
- faster payments
- Greater consumer protection
HOW TO HANDLE THE BANK OF CYPRUS DIRECTIVE FOR PAYMENT SERVICES?
The BoC care to get the protection provided by the new European Directive PSD.
Within these informed that in compliance with ton above Law, the Bank of Cyprus Public Company Ltd has proceeded to amend the terms and conditions governing our payment services and has established under the provisions of the relevant legislation the following contracts which you be found here: