The European Commission has published the proposal for the third Payment Services Directive (PSD3). The proposal is a stricter version of the current PSD2 legislation and, together with the Payment Services Regulation (PSR), it gives direction to payment services such as credit transfers and direct debits, iDEAL, Klarna and PayPal, credit card payments, as well related services such as GooglePay and ApplePay.
Emanuel van Praag - Attorney at law and professor of Financial Technology and Law - and Joris van Horzen - Partner, and expert on payments - outline the main changes and implications of PSD3. Download the practical factsheet outlining the main changes and implications:
- Two editorial changes;
- Further restriction of the so-called commercial agent exemption;
- Several new obligations for 'Account Servicing Payment Service Providers' (ASPS) - often banks;
- New rights for 'Payment Initiation Service Providers' (PISPs) and 'Account Information Service Providers' (AISPs);
- PSD3 will not apply to providers of digital 'wallets' and technical service providers;
- Strengthening the position of payment institutions in accessing financial market infrastructure;
- Several new requirements and rights in the area of payment fraud.
Download our factsheet here. Do you have any further enquiries? Don’t hesitate to contact Emanuel or Joris directly.
In addition to the PSD3 proposal, the European Commission has also published the Framework for Financial Data Access. Click here for more info.
