General Q&As
What is the Payment Services Directive (PSD)?
The PSD is a new EU legislation designed to harmonise the rules relating to payment services across Europe.
The PSD applies across the European Economic Area (the EEA) which comprises the 27 EU member states as well as Iceland, Norway and Liechtenstein.
Each country in the EEA has to implement the PSD into its own law. In Malta the PSD falls under the responsibility of the Malta Financial Services Authority (MFSA) and Central Bank of Malta (CBM).
When do the PSD regulations come into force?
1 November 2009.
Which payments does the PSD apply to?
The PSD applies to payments within the EEA in euro and other EEA currencies.
It applies to most types of payments, including electronic money transfers, cash deposits, cash withdrawals, direct credits, direct debits, standing orders and credit and debit card transactions. It does not apply to paper-based payments such as cheques and banker's drafts.
It applies to payments whether or not they are made from/or to an account and whether or not they are made to another account.
Does the PSD apply only to payments that are made and received within Malta or does it also apply to cross-border payments?
The PSD applies to both domestic and cross-border payments, as long as the person sending the payment and the person receiving the payment are both within the EEA.
What accounts does the PSD apply to?
The PSD applies to payment accounts. These are accounts into which and from which customers can make regular payments (such as current accounts and savings accounts).
Does the PSD apply to any other products or services?
Yes, the PSD also applies to the use of cards (such as credit and debit cards), and other payment services (such as telephone and internet banking) that enable customers to make payments to which the PSD applies.
Which institutions need to comply with the PSD?
All institutions that provide payment services ("payment service providers") need to comply with the PSD. This includes banks and other institutions (for example money remitters that do not hold deposit accounts).
How will I know which HSBC accounts, cards and services are affected by the PSD?
If any HSBC account, card or service you currently have [or apply for before 1 November 2009] is affected by the PSD, we are updating your Terms and Conditions. We shall advise you of the changes we are making and which will apply from 1 November 2009.
If you apply for an HSBC account, card or service after 1 November 2009 please feel free to ask us whether the PSD applies to it.
Micro enterprises Q&As
In which countries does the PSD apply?
The PSD applies across the European Economic Area (EEA). The member states within the EEA are as follows:
Austria, Belgium, Bulgaria, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, The Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, United Kingdom.
Please note that Monaco and Switzerland are outside the EEA so the PSD will not apply in these countries.
Will the Terms and Conditions for HSBC's business accounts and payment services change?
We are updating our Terms and Conditions to reflect the PSD requirements as implemented under the local laws and/or regulations and we will tell you what the changes are.
Does the PSD treat small businesses differently from larger ones?
Whether there is a difference depends on how each EEA member state implements the PSD.
In implementing the PSD, EEA member states can decide whether micro-enterprises (with an annual turnover below €2m and less than 10 employees) obtain all the PSD benefits.
Malta, like the Czech Republic, Ireland, and UK have decided that micro-enterprises will obtain all the PSD benefits as if they were consumers. Larger businesses in such countries may not receive all of the PSD benefits.
All other EEA member states have decided that all businesses and charities will be treated the same so that they may not receive all of the PSD benefits, even if they are a small business.
How will I know if HSBC has categorised my business as a micro-enterprise or a corporate business?
We are writing to all our existing business customers to inform them how we are categorising them from 1 November 2009. New customers are informed when they open their business account.
What are the benefits for business customers?
The benefits include certainty and consistency of execution time, availability of funds and value date across the EEA. It also includes increased clarity on rates and charges, and harmonised protection across the EEA if payments have not been properly authorised or executed correctly.
Corporate businesses Q&As
In which countries does the PSD apply?
The PSD applies across the European Economic Area (EEA). The member states within the EEA are as follows:
Austria, Belgium, Bulgaria, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, The Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, United Kingdom.
Please note that Monaco and Switzerland are outside the EEA so the PSD will not apply in these countries.
Will the Terms and Conditions for HSBC's business accounts and payment services change?
We are updating our Terms and Conditions to reflect the PSD requirements as implemented under the local laws and/or regulations and we will tell you what the changes are.
Does the PSD treat large businesses differently from smaller ones?
Whether there is a difference depends on how each EEA member state implements the PSD.
In all EEA member states, larger businesses may not receive all of the PSD benefits.
In implementing the PSD, EEA member states can decide whether micro-enterprises (with an annual turnover below €2m and less than 10 employees) obtain all the PSD benefits.
Malta, like the Czech Republic, Ireland and UK have decided that micro-enterprises will obtain all the PSD benefits. Larger businesses in such countries may not receive all of the PSD benefits. We, as HSBC, have decided to extend most of the PSD benefits to the larger businesses as well.
All other EEA member states have decided that all businesses and charities will be treated the same so that they may not receive all of the PSD benefits, even if they are a small business.
How will I know if HSBC has categorised my business as a micro-enterprise or a corporate business?
We are writing to all our existing business customers to inform them how we are categorising them from 1 November 2009. New customers are informed when they open their business account.
What are the benefits for business customers?
The benefits include certainty and consistency of execution time, availability of funds and value date across the EEA. It also includes increased clarity on rates and charges, and harmonised protection across the EEA if payments have not been properly authorised or executed correctly.
