<P> The PSD's purpose in regard to the payments industry was to increase pan-European competition with participation also from non-banks, and to provide for a level playing field by harmonizing consumer protection and the rights and obligations for payment providers and users . The PSD's purpose in regard to consumers was to increase customer rights, guarantee faster payments (no later than next day from 1 January 2012 on), describe refund rights, and give clearer information on payments . Although the PSD is a maximum harmonisation directive, certain elements allow for different options by individual countries . </P> <P> The final adopted text of PSD went into force 25 December 2007 and was to be transposed into national legislation by all EU and EEA member states by 1 November 2009 at the latest . </P> <P> The PSD contains two main sections: </P> <Ol> <Li> The' market rules' describe which type of organizations can provide payment services . Next to credit institutions (i.e. banks) and certain authorities (e.g. central banks, government bodies), the PSD mentions Electronic Money Institutions, created by the E-Money Directive in 2000, and created the new category of' Payment Institutions' with its own prudential regime rules . Organizations that are not credit institutions or EMIs, can apply for an authorization as a Payment Institution if they meet certain capital and risk management requirements, in any EU country of their choice where they are established and then "passport" their payment services into other EU member states without additional PI requirements . </Li> <Li> The' business conduct rules' specify what transparency of information payment service institutions need to provide, including any charges, exchange rates, transaction references and maximum execution time . It stipulates the rights and obligations for both payment service providers and users, how to authorize and execute transactions, liability in case of unauthorized use of payment instruments, refunds on payments, revoking payment orders, and value dating of payments . </Li> </Ol>

Who monitors compliance with the payment services regulations