Payment Services Directive (PSD) is the name for new electronic payment rules that all banks and building societies across Europe have to comply with.

Nationwide Building Society will ensure that any bill payments and standing orders we make on your behalf will be sent using the Faster Payments Scheme and arrive at the destination bank or building society no later than the end of the next working day.
 
The following questions and answers have been developed to answer any queries you might have about making electronic payments, your payments and how you can continue to make your payments:

Yes. All banks and building societies have to comply with the regulations that came into effect on 1 January 2012.

Following a European wide review of payment processes, new regulations were introduced on 1 January 2012 that all banks and building societies must ensure that any payments they make on their customers behalf arrive at the destination bank or building society no later than the end of the next working day. Payments sent from customers accounts using the Bankers Automated Clearing System (BACS); are no longer permitted as the 3 day BACS cycle does not comply with these regulations.

My Payments

For limits and timescales please view our Faster Payments page.

For limits and timescales please view our Faster Payments page.

You will not be able to request a transaction to a non Faster Payments and CHAPS reachable sort code.

Your funds will normally reach your account by the end of the next working day following your instruction (subject to cut off times). 

In order to meet the timescales required for the Payment Service Regulations, we can only send payments using Faster Payments.

The financial services industry is working to ensure that all sort codes that operate as Payment Accounts can receive Faster Payments.

However, if the sort code cannot receive Faster Payments, Nationwide will not be able to make payments to these accounts as we will be in breach of the regulations.