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ARTICLE · 14 NOVEMBER 2023

Contemplated New Framework To Modernise Payment Services

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We will briefly set out hereunder the changes under the Draft PSD3 as well as the new content of the Draft PSR.

European UnionFinance and Banking
Aurélia Viémont
Aurélia Viémont
Sarah Hantscher
Sarah Hantscher
Mélanie Poirrier
Mélanie Poirrier
Anne Picot-Guillot
Anne Picot-Guillot
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On 28 June 2023, the European Commission published a Proposal for a Directive on payment services and electronic money services in the internal market (the "Draft PSD3") and a Proposal for a Regulation on payment services in the internal market (the "Draft PSR").

The Draft PSD3 and the Draft PSR aim at adapting the legislation to new providers of payment services or electronic payment services (the "Services") in an open-banking context, while enhancing consumers' protection via new requirements regarding the strong customer authentication.

We will briefly set out hereunder the changes under the Draft PSD3 as well as the new content of the Draft PSR.

1. The Proposal for a Directive (the Draft PSD3)

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