Exceptions to Payment Services under EU’s PSD

Introduction

The European Union’s Payment Services Directive (PSD) provides a framework for payment services within the EU. However, there are certain exceptions to this definition that warrant attention.

Exceptions to Payment Services

• Cash Collection and Delivery: Activities related to collecting and delivering cash on behalf of others.
• Professional Transport of Banknotes: The transportation of banknotes between financial institutions or other authorized entities.
• Non-Professional Cash Collection and Delivery for Charitable Purposes: Individuals collecting and delivering cash for charitable organizations.

Securities and Asset Servicing Transactions

Certain types of transactions related to securities and asset servicing are also exempt from the definition of payment services under PSD. These include:

• Securities Settlements: The clearing and settlement of securities transactions.
• Asset Servicing: Activities such as custody, administration, and reporting for financial assets.

Discussion on Digital Financial Services in Kenya

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