How will the Payment Services Directive affect you as a Business?
The Payment Services Directive (PSD) applies different rules for different sizes of business.
If your turnover is more than €2 million and employ 10 or more people, under the PSD your business is recognised as a corporate business.
If you're an HSBC business banking customer, it's important to let us know if the turnover of your business and any associated businesses changes, so we can make sure the relevant sections of the PSD are applied. If you have a Relationship Manager, this will done with you at your annual review, but if the financial situation of your business changes in the meantime, please get in touch.
How will the Payment Services Directive affect you as a Corporate business?
When it comes to your business's finances, clarity is key. The Payment Services Directive (PSD), which comes into force on 1 November 2009, is an EU initiative to bring clarity to payment services rules in Malta and across the European Economic Area (EEA).
What does the PSD mean for your business?
The principal aim of the PSD is to ensure that banks and other providers of payment services across Europe offer a consistent level of service and are transparent in their dealings with customers, by:
- Providing you with all the information you need when you make a payment, including clear information about rates and charges
- Offering a consistent level of service, such as making sure all payments are completed within a predetermined timeframe
- Protecting customers across Europe when payments aren't executed correctly or authorised by the customer.
As the PSD is primarily aimed at protecting the interests of personal customers and small businesses, many of the benefits are not relevant to businesses of your size, and the European Commission has given banks the option to opt-out of a small number of areas of the Directive as a result.
HSBC Bank Malta has chosen to extend the most of the PSD benefits to the corporate enterprises as well. We feel this is a step that protects the interests of both bank and customer and allows us to manage payments on terms that are more appropriate for larger businesses.
What kind of payments does the PSD apply to?
The PSD applies to most payment types, except paper-based payment instruments like cheques and bankers' drafts.
