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Payment Services Directive (PSD)

New European rules for payment services

On 1st April 2010 new legislation for payment services will become effective in Belgium. The new rules are based on a European directive for the harmonization of payment services in the EU (Payment Service Directive, 2007/64/EC). The aim of the new regulation is to create one market for payment services within the European Union with among other things, more transparency and faster execution of payments. Payment services also will be executed more uniformly and efficiently in the entire EU.

The Directive regulates the conditions concerning payment services within Europe. Following the legislative changes Deutsche Bank AG, Branch Brussels (DBB) has, if and to the extent required, revised its existing General Banking Regulations (GBR) applicable to payment services. DBB has already notified you about this in writing and you have received the amended and new conditions that come into effect as of 1 April 2010.

Please find below again information about some important changes and a link to the respective conditions.

General Banking Regulations (GBR)

In connection with the new regulations the General Business Regulations (GBR) have been amended.

The revised GBR including the new Section III providing for the terms and conditions for Payment Services will become effective as of April 1st 2010.

Beneath you can download the notification package including the new GBR with the new Section III in Dutch and French languages. An English free translation is added for information purposes only.

Change in the handling of the charge instruction within a payment transaction

An important change that we want to highlight relates to the charge instructions for payment transactions within the European Economic Area in an EU/EEA-currency.

If there are charges for the execution of such payment transactions, you may indicate one of the following charge codes in your payment order

  • Costs to be shared with the beneficiary (“SHARED”): In this case you pay the transaction costs we charge and the beneficiary pays the costs charged by its own payment service provider; or
  • Costs not to be shared with the beneficiary (“OUR”): In this case you pay the transaction costs we charge plus an additional amount to cover the costs charged by other payment service providers (in a chain of payments).

For payment transactions within the European Economic Area in an EU/EEA-currency, it will no longer be possible to use the charge code “BEN”, i.e. beneficiary bears all costs. Consequently, any such instruction will be treated and processed by the Bank as bearing the charge code “SHA” (i.e. both the sender and the beneficiary will each pay the fees imposed by its bank). Between financial institutions different rules may apply, however It will not be possible anymore either to deduct the costs from the amount to be paid, unless the beneficiary has agreed with its payment service provider beforehand that this may be done.

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Last Update: August 6, 2010
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