PSD3 (Payment Services Directive 3)
What is PSD3 (Payment Services Directive 3)?
PSD3 is the proposed successor to PSD2, aimed at further improving the security and efficiency of payments in the European Union. It focuses on strengthening consumer protection, improving the functioning of open banking, and harmonizing rules across member states.
Why It Matters
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It aims to reduce payment fraud by enhancing security standards and data sharing.
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It seeks to improve the reliability and performance of open banking APIs.
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It provides more consistent enforcement of payment rules across the entire EU.
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It addresses new challenges posed by the evolution of the digital financial landscape.
