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ARTICLE · 27 OCTOBER 2023

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Third Payment Systems Directive: An Evolution In European Payment Services Regulation

Solsidus Law
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The payment services landscape in Europe has changed dramatically over the years, with the advent of Payment System Directives (PSD) one and two bringing forth disruptive rules.

European UnionFinance and Banking
Marina Gkourtzieva
Marina Gkourtzieva
Stella Koukounis
Stella Koukounis

The payment services landscape in Europe has changed dramatically over the years, with the advent of Payment System Directives (PSD) one and two bringing forth disruptive rules. However, as technology advances and customer expectations change, it has become necessary to adjust and amend these policies in order to stay up to speed with the ever-changing financial services business. Abreast of these developments, the European Commission (EC) approved a retail payments strategy in September 2020, aimed at revisiting and updating existing payment-services laws by 2022. In this article we explore the issues that PSD 1 and PSD 2 encountered previously, as well as the substantial changes that PSD 3 brings to the table.

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