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ARTICLE · 04 JANUARY 2024

New EU Package On Payment Services And Financial Data Access

ELVINGER HOSS PRUSSEN, société anonyme
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In 2022, the European Commission evaluated the application and impact of the second payment services directive1 ("PSD II"), the conclusions of which resulted in the publication on 28 June 2023...

European UnionFinance and Banking
Elvinger Hoss Prussen
Elvinger Hoss Prussen

In 2022, the European Commission evaluated the application and impact of the second payment services directive1 ("PSD II"), the conclusions of which resulted in the publication on 28 June 2023 of a new legislative package, including proposals for a new directive on payment services and electronic money services in the internal market2 ("PSD III"), a regulation on payment services in the internal market3 ("PSR"), and a regulation on a framework for financial data access4 ("FiDA").

I. Background

The evaluation of PSD II showed that a number of initial objectives had been achieved. However, it also showed the necessity for a new set of rules to take account of the developments in the payment services space, without changing the fundamentals as the industry needs stability.

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