Originally Posted by Adraco

The new European Payment Service Directive (PSD) which came into effect August 1st all accross the EU's 27 membership states plus Iceland, Norway and Liechtenstein. This is with thte aim of creating a standardized market for payments all accross Europe.

Some short facts:
* Aim to lower/earse the differences between national and international payments in Europe as a way of building one common and internal market for the whole continent.
* The intention of payments to be easy, safe and cost effective and to be carried out in said time. At first, 3 days is acceptable for inside EU payments, from 2013 it will be mandatory for inside EU payments to be completed within one day. i
* This is to be the legal foundation for SEPA (Single Euro Payments Area).
* Will be in effect from August 1st 2010.

A few member nations might be able to claim or get exemptions for a few months here and there, but basically it will be in effect all accross Europe from August 1st.

This has effects on Paypal payments carried out in Europe, checks and so on and so forth. Contact your bank if you need more information on how this will effect you and your onlien business.

And try to read the newspaper, this has been mentioned many times before.