PSD3: Everything you need to know

PSD3 and the proposed Payment Services Regulation, published by the European Commission in June 2023, are expected to modernize the EU’s payment rules from roughly 2026–27 by replacing parts of the existing PSD2 and Electronic Money Directive frameworks. PSD3 would require national implementation, while the PSR would apply directly across EU member states, aiming to standardize oversight of payment service providers, support open banking, encourage competition between banks and non-bank providers, and strengthen consumer control over financial data. Proposed measures include enhanced fraud prevention and information sharing, stronger transaction monitoring, confirmation that recipient names match IBANs for credit transfers, expanded fraud refund rights, more accessible Strong Customer Authentication, and greater transparency around currency conversion, ATM charges, and account information. The changes would affect consumers, banks, fintech firms, payment providers, and businesses accepting online payments in the EU and EEA, while the UK may face pressure to align its own rules because of the international nature of payments. The material also advises businesses to monitor regulatory developments and use payment platforms with authentication and fraud-management capabilities, while noting that implementation dates and final requirements remain uncertain.

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