Payment Services Directive (PSD)
What is the Payment Services Directive?
The EU Directive 2007/64/EC applies to payment services in the European Market, widely known as "PSD" (Payment Services Directive) and provides a common pan-European legislative framework so that consumers will enjoy the same level of protection across Europe. The PSD is considered to be one of the greatest steps towards the establishment of the Single Market. The PSD seeks to make cross-border payments as easy, efficient and secure as 'national' payments within a Member State and to improve competition.
The PSD applies to more than 30 countries (EU Members States, Norway, Iceland and Liechtenstein.)
For more information:
Cyprus has already implemented PSD through the Law regulating Payment Services (Law 128(Ι)/2009).
What is the impact on consumers?
- Uniform legislative framework across Europe
- More explicit information on payments
- Fast payments
- Higher level of consumer protection
How does the BOC deal with the PSD?
In the BOC we ensure that you have the level of protection provided by the PSD.
Therefore, we would like to inform you that being in compliance with the above Law the BOC has amended the terms and conditions applied to the payment services provided and based on the relevant law provisions has prepared the following agreements that you may find here:
- Supplementary Agreement governing the relation between Bank of Cyprus Public Company Ltd and its Customers
- Terms and Conditions of the Use of Visa/Mastercard/American Express
- Terms and Conditions of 1bank
- TERMS AND CONDITIONS GOVERNING THE EXECUTION OF PAYMENT TRANSACTIONS WHERE THE CUSTOMER DOES NOT HOLD A PAYMENTS ACCOUNT WITH BANK OF CYPRUS PUBLIC COMPANY LTD