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To learn more about SEPA
The Single Euro Payments Area or SEPA is the area where citizens, companies and other economic participants make and receive payments in euro, whether between or within national boundaries, under the same basic conditions, rights and obligations
Payment Services Directive 2

PSD2, which comes into force on the 13th January 2018, is a revised version of the Payment Services Directive 1 that came into force across the European Union on the 1st November 2009.

The Payment Services Directive and the revised version of regulation 2560/2001 are the legal framework behind the Single Euro Payments Area (SEPA) project which is a Banking industry driven project.

PSD 2 is designed to make payments safer, increase consumer protection, foster innovation and competition while ensuring a level playing field for all players, including those payment services providers which were not being regulated under the previous PSD1 regime.

The Payment Services Directive  generates more competition in the European payment markets by removing market entry barriers and guaranteeing fair market access.  It also provides a simplified and fully harmonised set of rules with regards to the information requirements and the rights and obligations linked to the provision and use of payment services.

What changes should a BOV customer expect as a result of the revised Payment Services Directive (PSD2)?

  1. The main initial change is the extension of sharing of charges when making payments in non - EEA (non European Economic Area) currencies within the EEA. With regards to Bank transfers where both the payer and the payee are located in the EEA country, the shared charges are applied in all currencies.  The payer pays the charges levied by his/her bank while the payee pays the fees charged by his/her bank.  The charges option 'OUR' and 'BEN' are no longer allowed for these type of payments.

  2. A refund for unauthorised transactions will be processed by the end of the following business day, unless the transaction is related to fraud or gross negligence.

  3. Complaints under the PSD2 will be handled within 15 business days, however this may be extended to 35 business days when the information required is not within the Bank's control.


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Bank of Valletta p.l.c. is a public limited company regulated by the MFSA and is licensed to carry out the business of banking and investment services in terms of the Banking Act (Cap. 371 of the Laws of Malta) and the Investment Services Act (Cap.370. of the Laws of Malta).