PSD & SEPA - An Irish Perspective London, 6 July 2009

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PSD & SEPA - An Irish Perspective London, 6 July 2009

  1. 1. SEPA & PSD – An Irish Perspective Claire Trinder Partner, gallenalliance Business Centre, No.1 Lower Mayor Street, International Financial Services Centre, Dublin 1, Ireland e: ctrinder@gallenalliance.com t: 00 353 1 690 3200 m: 00 353 86 771 0304 www.gallenalliance.com SEPA & PSD Special Interest Group West Ham United, London - 6 July 2009
  2. 2. <ul><li>Section A </li></ul><ul><li>Ireland and the Single European Payments Area </li></ul><ul><li>-> Slow to implement changes </li></ul><ul><li>-> IPSO and NPIP </li></ul><ul><li>-> Planned legislation and migration completion aims </li></ul>
  3. 3. <ul><li>Irish Payment Services Organisation (IPSO) </li></ul><ul><li>-> Representative Industry Body </li></ul><ul><li>-> IPSO’s National Payment Implementation Programme </li></ul><ul><li>-> Minimalist approach </li></ul><ul><li>-> SEPA Ireland </li></ul>
  4. 4. <ul><li>National Payments Implementation Programme (NPIP) </li></ul><ul><li>-> NPIP goals </li></ul><ul><li>-> National Advisory Group </li></ul><ul><li>-> Core priorities </li></ul>
  5. 5. <ul><li>Progress to date </li></ul><ul><li>-> Europe’s reluctance to invest </li></ul><ul><li>-> Ireland has lagged behind </li></ul><ul><li>-> High level of cash and cheque usage </li></ul><ul><li>-> Hope in recent progress (online banking & 2009 budget) </li></ul><ul><li>-> Ireland’s aims for implementation </li></ul>
  6. 6. <ul><li>Perceived Barriers to Implementation </li></ul><ul><li>-> Effectiveness of existing mandates </li></ul><ul><li>-> Migration to BIC and IBANs </li></ul>
  7. 7. <ul><li>Product Development for Ireland </li></ul><ul><li>-> SEPA Credit Transfers </li></ul><ul><li>-> SEPA Direct Debit </li></ul><ul><li>-> Cash services </li></ul><ul><li>-> Cards </li></ul>
  8. 8. <ul><li>Moving Forward </li></ul><ul><li>-> SEPA direct debit scheme and Financial Measures (Miscellaneous Provisions) Act 2009 </li></ul><ul><li>-> Roadmap for migration </li></ul><ul><li>-> SEPA Action Plan </li></ul>
  9. 9. <ul><li>Section B </li></ul><ul><li>Ireland and the Payment Services Directive </li></ul><ul><li>-> Ireland not as advanced as some </li></ul><ul><li>-> Status for legislation - on time for deadline </li></ul><ul><li>-> Areas covered today: National Discretions, Ireland Industry experience, Ireland’s PSD Plan </li></ul>
  10. 10. Ireland’s use of National Discretions -> Draft legislation December 2008 -> No change anticipated
  11. 11. <ul><li>Ireland: Industry experience so far </li></ul>
  12. 12. <ul><li>UK is Top of the Class </li></ul><ul><li> -> Leading the Way </li></ul><ul><li>-> The Commission </li></ul>
  13. 13. <ul><li>Application of PSD to Acquirers using JV Structure – the ‘PSP/Acquirer Hybrid’ </li></ul><ul><li>-> Confirmed by Irish Regulator as needing PI license </li></ul><ul><li>-> Is Regulation of JV Acquirers necessary? </li></ul><ul><li>-> Irish Regulator hands tied </li></ul>
  14. 14. <ul><li>Merchant Acquirers and Issuers – </li></ul><ul><li>Will PSD raise costs beyond the Commercial? </li></ul><ul><li>-> Timing requirements </li></ul><ul><li> -> Increase in Service Costs (1) Acquirers and (2) Issuers </li></ul><ul><li>-> Encouragement of Cash Payments? </li></ul>
  15. 15. <ul><li>Consumer Protection Code – Side effect of PSD? </li></ul><ul><li>-> The Code </li></ul><ul><li>-> Wide scope of application – definition of ‘consumer’ </li></ul><ul><li>-> Applies to all Regulated Entities </li></ul><ul><li>-> Current application </li></ul><ul><li>-> Potential application after 1 November 2009 </li></ul><ul><li>-> CPC Rules, CPC Contravention, CPC Review </li></ul>
  16. 16. <ul><li>Irish Payments Industry participants already complying...? </li></ul><ul><li>-> Credit institutions </li></ul><ul><li> -> Money transmitters </li></ul><ul><li>-> Distance Marketing Regulations </li></ul><ul><li>-> Charges for provision of information </li></ul>
  17. 17. <ul><li>Adding confusion to current Irish law </li></ul><ul><li>-> PSD – the interaction with existing legal framework </li></ul><ul><li> -> Definition of “Consumer” </li></ul><ul><li>-> Disclosure requirements </li></ul><ul><li>-> Provision of credit </li></ul>
  18. 18. <ul><li>Ireland’s PSD Plan </li></ul><ul><li>-> Consultation paper </li></ul><ul><li> -> PSD Bill </li></ul><ul><li>-> PSD Working Group </li></ul><ul><li>-> PI license applications </li></ul><ul><li>-> Economic difficulties </li></ul>
  19. 19. <ul><li>Questions & answers </li></ul>Claire Trinder, Partner, gallenalliance Solicitors, Business Centre, No.1 Lower Mayor Street, International Financial Services Centre, Dublin 1, Ireland e: ctrinder@gallenalliance.com t: 00 353 1 690 3200 m: 00 353 86 771 0304 www.gallenalliance.com

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