The Executive Board handled the European Directive (PSD-Payment System Directive) which streamlines and unifies the electronic payments. 05/04/2009

The Council of Ministers approved on Friday the referral to the Cortes of the Bill of Payment services, a transposition of a Community directive to streamline and make more homogeneous all electronic payments.

The objective pursued by the Community rules is to create a single payments area in the European Union (known as SEPA project, its acronym in English), fragmented until now in 27 national regimes.

With the adoption of the new law, it will be ensured the electronic payments between two countries in the EU (transfers, direct debiting banking and payment card), can be performed with the same ease, efficiency and security as the national payments within the Member States.

For practical purposes, it will enable to operate with a single current account throughout the EU, without the need to open a new current account, if the citizen moves to another State for work purposes, of studies, etc

Also speed up the payments, so that the beneficiary shall have the funds, as very late the day following the completion of the transfer.

The new EU directive also reinforces the rights and the protection of the users of this type of financial services, to establish clearer rules on the reimbursement in case of transactions poorly executed or reduction or total elimination of its responsibility in case of loss or theft of a payment instrument.