Payment Services Directive

Information related to the EU Payment Services Directive
psd2 page header

What is the PSD?

The European Union’s Payment Services Directive aims to make cross-border payments across the EU easy, inexpensive and secure.

What kind of payments does the PSD apply to?

PSD2 applies to most payment types, except paper-based payment instruments like cheques and bankers’ drafts.

What are the most important aspects of the PSD?

The current regulatory framework, known as the Regulatory Technical Standards, supports more choice, innovation and security by requiring Strong Customer Authentication, based on the use of two or more elements, in the provision of payment services to customers.


This regulatory framework is reflected in our online banking platform and mobile app user experience as well as in the shopping experience of our Mastercard debit cardholders.

If you do not have a funded account in the currency you choose to use, the funds for the transaction will be deducted from your Euro account, or if there are insufficient funds, from the currency account with the highest balance.

Which entities are regulated by the PSD?

Various entities are regulated by the PSD. Apart from banks, these include third party payment services providers and businesses which help individuals understand their financial position by collecting information about their holdings on their behalf from different banks.

What are the benefits of the PSD?

The PSD ensures greater transparency when it comes to the payment of fees and charges for bank transfers withing the European Economic Area (EAA). It also sets clear rules around what happens if money is deposited into your account by mistake or if you make a payment using incorrect details. Furthermore, if a payment you asked us to make within the EEA doesn’t arrive when it should have, you can ask us to contact the receiving bank to ask them to treat the payment as if it had been made.


Other customer benefits include a 13-month refund right for unauthorised transactions and the requirement to credit a customer’s account once the bank receives funds. The PSD also requires that complaints about payments be resolved within 15 business days. This can be extended to 35 business days if the information required is not within the Bank’s control.

Who is responsible for enforcing the PSD in Malta?

The Malta Financial Services Authority (MFSA) is the competent authority for some aspects of the Payment Services Directive (PSD) together with the Central Bank of Malta (CBM). More information on EU Payment Services legislation is available here.

Frequently asked questions

How do I open an account?

If you already hold an account with MeDirect opening additional accounts is quick and easy. Just Log In to your account, click on 'Open an Account', and follow the steps indicated on screen.

If you are not a client of MeDirect you will need to choose 'Become a Client' and follow the steps indicated on screen. Once your application is confirmed, you will just need to Log In, click on 'Open an Account' and follow the steps indicated on screen.

Are there any fees to open and maintain an account?

No charges are applicable to open and maintain an account with MeDirect. For more information about fees please read our Tariffs & Charges Schedule for Banking Services.

How can I deposit funds in my account?

You can deposit funds by instructing a bank transfer from an external bank account to your MeDirect account. We also accept deposits by means of cheques and bank drafts.

More FAQs

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We strive to ensure a streamlined account opening process, via a structured and clear set of requirements and personalised assistance during the initial communication stages. If you are interested in opening a corporate account with MeDirect, please complete an Account Opening Information Questionnaire and send it to

For a comprehensive list of documentation required to open a corporate account please contact us by email at or by phone on (+356) 2557 4444.