Clifford Chance

Keeping pace with EU payments: The PSD3 and Open Finance proposals

10 July 2023

Since the adoption of the Payment Services Directive 2 (PSD2) in 2015, there has been a rapid evolution of the payments sector, with the emergence of new payment solutions and more sophisticated types of fraud.

To keep pace with these developments, the European Commission has proposed making targeted amendments and updates to the existing regulatory regime for payment services and electronic money (e-money) via a new (i) Payment Services Directive (PSD3) and (ii) Payment Services Regulation (PSR). This is accompanied by a new open finance proposal in the shape of a regulation on a  framework for Financial Data Access (FIDA).

We consider some of the key changes being proposed, the potential timeline and what impacted firms can do now to prepare.

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