Introduction
On 28 June 2023, the European Commission published a number of
draft proposals as part of its ambitious plan to open up financial
data and reform digital payments. One of these draft proposals
relates to a Payment Services package which is aimed at replacing
the current PSD2. The proposed draft Payment Services package is
comprised of two legislative acts, namely the Payment Services
Directive 3 (PSD3) and the Payment Services Regulation (PSR).
The aim of the draft Payment Services package is to try and
address some of the shortcomings brought about by PSD2 and keep up
with the fast evolvements in the world of payments.
On PSD3, the EU Commissioner for Financial Services, Financial
Stability and Capital Markets Union, Mairead McGuinness, outlined
that "Today we are taking concrete steps to modernise not
only the EU's retail payments industry but the financial
service sector as a whole. In doing so, we are putting the best
interests of citizens and
