EU PSD3 and Payment Services Regulation (Proposed)
The proposed EU Payment Services Directive 3 (PSD3) and Payment Services Regulation (PSR), published by the European Commission in June 2023, will replace PSD2. Key changes include enhanced fraud prevention (IBAN/name matching), improved open banking (dedicated data access interface requirements), stronger consumer protection, and a new framework for non-bank PSPs to access payment systems. PSR will be directly applicable; PSD3 requires national transposition.
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Framework Domains (7)
PSD3: Authorisation and Licensing
| Code | Title |
|---|---|
| PSD3 Art. 1 | Subject matter and scope |
| PSD3 Art. 3 | Authorisation of payment institutions |
| PSD3 Art. 36(5) | Initial capital alternatives |
| PSD3 Art. 9 | Safeguarding requirements |
PSD3: E-Money Integration
| Code | Title |
|---|---|
| PSD3 Art. 10 | E-money institution integration |
| PSD3 Art. 11 | E-money issuance requirements |
| PSD3 Art. 12 | Redemption of electronic money |
PSD3: Prudential Supervision
| Code | Title |
|---|---|
| PSD3 Art. 15 | Prudential supervision requirements |
| PSD3 Art. 18 | Winding-up plan requirement |
| PSD3 Art. 20 | Withdrawal of authorisation |
| PSD3 Art. 25 | Supervision and enforcement |
PSR: Consumer Protection and Fraud
| Code | Title |
|---|---|
| PSR Art. 55 | Unauthorised payment transaction liability |
| PSR Art. 58 | Right to refund for authorised transactions |
| PSR Art. 62 | IBAN/name verification |
| PSR Art. 90 | Fraud prevention measures |
PSR: Open Banking and Account Access
| Code | Title |
|---|---|
| PSR Art. 44 | Access to payment accounts |
| PSR Art. 46 | Payment initiation services |
| PSR Art. 48 | Account information services |
| PSR Art. 50 | Data access dashboard |
PSR: Strong Customer Authentication and Security
| Code | Title |
|---|---|
| PSR Art. 83 | Strong customer authentication |
| PSR Art. 85 | Dynamic linking for remote transactions |
| PSR Art. 86 | Exemptions from strong customer authentication |
| PSR Art. 88 | Operational and security risk management |
PSR: Transparency and Information
| Code | Title |
|---|---|
| PSR Art. 1 | Subject matter and scope of PSR |
| PSR Art. 13 | Pre-contractual information requirements |
| PSR Art. 20 | Charges and currency conversion transparency |
| PSR Art. 25 | Information on individual payment transactions |
Maps to 521 other frameworks
Frequently Asked Questions
What is EU PSD3 and Payment Services Regulation (Proposed)?
EU PSD3 and Payment Services Regulation (Proposed) is a compliance framework from European Union with 7 domains and 27 controls. The proposed EU Payment Services Directive 3 (PSD3) and Payment Services Regulation (PSR), published by the European Commission in June 2023, will replace PSD2. Key changes include enhanced fraud prevention (IBAN/name matching), improved open banking (dedicated data access interface requirements), stronger consumer protection, and a new framework for non-bank PSPs to access payment systems. PSR will be directly applicable; PSD3 requires national transposition. It is used by organisations to establish and maintain compliance with industry standards and regulatory requirements.
How many controls does EU PSD3 and Payment Services Regulation (Proposed) have?
EU PSD3 and Payment Services Regulation (Proposed) has 27 controls organised across 7 domains. The largest domains are PSD3: Authorisation and Licensing (4 controls), PSD3: Prudential Supervision (4 controls), PSR: Consumer Protection and Fraud (4 controls). Each control defines specific requirements that organisations must implement to achieve compliance.
What frameworks does EU PSD3 and Payment Services Regulation (Proposed) map to?
EU PSD3 and Payment Services Regulation (Proposed) maps to 521 other compliance frameworks. The top mapping partners are FTC GLBA Safeguards Rule (16 CFR Part 314) (30% coverage), Modern Slavery Act 2018 (Australia) (30% coverage), Florida Digital Bill of Rights (SB 262) (30% coverage). Use our comparison tool to explore control-level mappings between frameworks.
How do I get started with EU PSD3 and Payment Services Regulation (Proposed) compliance?
Start your EU PSD3 and Payment Services Regulation (Proposed) compliance journey by running a self-assessment on our platform to identify your current compliance posture. Our AI advisory can answer specific questions about EU PSD3 and Payment Services Regulation (Proposed) requirements, and cross-framework mapping helps you leverage existing controls from other frameworks you may already comply with. Create a free account to access all 27 controls and track your progress.
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