FAQ's

What is the Payment Services Directive (PSD)?

In which countries does the PSD apply?

When does the PSD come into force?

Which payments does the Legislation apply to?

Does the Legislation apply only to payments that are made and received within this country or does it also apply to cross-border payments?

What accounts does the Legislation apply to?

Does the Legislation apply to any other products or services?

Which institutions need to comply with the Legislation?

Will the Terms and Conditions for HSBC's corporate accounts and payment services change?

What are the benefits for corporate customers?

HSBCnet FAQ's

Within HSBCnet what changes will I see as a result of the PSD?

Within HSBCnet, how will my payments change as a result of the PSD?

Will I need to alter my back office Treasury system to support these changes?

 

What is the Payment Services Directive (PSD)?

The PSD is a new piece of EU legislation designed to harmonise the laws relating to payment services across Europe.

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 Guernsey, the Isle of Man, Jersey, Monaco and Switzerland are outside the EEA so that the PSD will not apply in those countries.

When does the PSD come into force?

Each country in the EEA has to implement the PSD into its own law.

In Ireland it was passed into Irish Legislation by the Minister for Finance as The European Communities (Payment Services) Regulations 2009 on 29 September 2009 and is effective from 1st November 2009.

Which payments does the Legislation apply to?

It 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 debits, standing orders and credit and debit card transactions. It does not apply to paper-based payments such as cheques and banker's drafts.

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Does the Legislation apply only to payments that are made and received within this country or does it also apply to cross-border payments?

It applies to both domestic and cross-border payments, the person sending the payment and the person receiving the payment must both be within the EEA.

What accounts does the Legislation apply to?

It applies to payment accounts. These are accounts into which and from which customers can make regular payments (such as current accounts and easy access savings accounts).

Does the Legislation apply to any other products or services?

Yes, it 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 Legislation applies.

Which institutions need to comply with the Legislation?

All institutions that provide payment services ("payment service providers") need to comply with the Legislation. This includes banks and building societies as well as other institutions (for example money remitters that do not hold deposit accounts).

Will the Terms and Conditions for HSBC's corporate accounts and payment services change?

We have updated our Terms and Conditions to reflect the requirements of as The European Communities (Payment Services) Regulations 2009 A copy of our new Terms and Conditions are available by emailing us (can we put in email address).

What are the benefits for corporate 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.

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HSBCnet FAQ's

Within HSBCnet what changes will I see as a result of the PSD?

The Payments Services Directive defines the information which Banks and Financial Institutions have to provide to customers when making or receiving a payment. Principally we will be making alterations to the balance and transaction reporting functions in HSBCnet to provide this additional information where this is not provided today. Some examples of this are the provision of "click through" Debit advices. From the 1st of November these will now be available for 35 days.

Within HSBCnet, how will my payments change as a result of the PSD?

It will now become mandatory for you to use BIC and IBAN in the EU when making a payment. Failure to include the correct information will result in you being charged a higher fee for making the payment as this payment will need to be repaired. Additionally for intra-EU payments you will no longer be able to select the OUR or BEN options for charges. All charges must be SHA. Our Priority payment screens within HSBCnet have been updated to reflect this.

Will I need to alter my back office Treasury system to support these changes?

We have tried to make the changes being implemented as unobtrusive as possible to minimise any further changes you will need to make.

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HSBC Bank plc., trading as HSBC Corporate & HSBC Corporate Banking Ireland is authorised by the Prudential Regulation Authority in the United Kingdom and is regulated by the Central Bank of Ireland for conduct of business rules.HSBC Bank plc is registered in England No. 14259. Registered Office: 8 Canada Square,London, E14 5HQ, United Kingdom. The Irish branch is registered in Ireland. Registered Office: 1 Grand Canal Square, Grand Canal Harbour, Dublin 2. Registration number 904230.