Sir,

On the 1 November 2009 the EU Payment Services Regulation will come into force.

This means that all electronic payments made throughout the EU will be treated the same as 'domestic' payments, and the rules will apply to all e-payments made in any EU currency.

The introudction of these rules marks a revolution in cross border payments.  Until now the provision of payment services across Europe has been bedevilled by diverging and complex legal rules in the 27 different member states.  By having one set of rules, across the 27 member states, makes cross border payments easier for individuals and businesses to trade in the European market.    It also makes these payments more cost-efficient, transparent and helps to combat fraud.