What are the differences between the Payment Services Directive and SEPA?
By removing the legal obstacles and setting-up a harmonised legal framework, this Directive should enable the EPC to complete this ambitious program by end-2010. Consequently, the Directive forms the cornerstone for building a true Single Payments Market (SPM). However, the important difference is that the Directive has a wider scope covering payments made in any EU currency and is not limited to euros only. Nevertheless, once the Directive is adopted, the Commission will consider whether any further action (legislative or otherwise) is needed to ensure that industry delivers the SPM with all the expected economic gains.
