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PSD3 and the accompanying Payment Services Regulation (PSR) are the EU's next-generation payments framework, updating PSD2 with stronger fraud protection, improved open banking access, and a single rulebook for payment services.
Proposed by the European Commission in June 2023, PSD3 (a directive) and the Payment Services Regulation (PSR, a directly applicable regulation) together modernise the EU's payments framework and succeed PSD2. The PSR creates a single, directly applicable rulebook for the conduct of payment services, while PSD3 governs the licensing and authorisation of payment and e-money institutions, which member states transpose into national law. The reforms also merge the E-Money Directive into the payments framework.
For open banking, PSD3 and the PSR aim to improve how third-party providers access account data: clearer obligations on banks to provide well-performing data interfaces, removal of unjustified obstacles, and stronger arrangements where dedicated interfaces are used. The package also strengthens Strong Customer Authentication (SCA) and expands fraud prevention — including mandatory Verification of Payee (matching the payee's name to their IBAN) and extended liability for certain impersonation ("spoofing") fraud.
The European Parliament and the Council reached provisional political agreement on 27 November 2025. On the Council side, COREPER endorsed the agreed texts on 22 April 2026, with the Parliament's committee and plenary votes following in 2026. Publication in the Official Journal of the EU is expected around mid-2026, after legal-linguistic review.
Once in force, the PSR is expected to apply 18 months later, with the Verification of Payee obligation and related liability applying 24 months after entry into force; PSD3 must be transposed by member states within 18 months. Final dates depend on the date of publication.
PSD3 is the EU's third Payment Services Directive and the PSR is the accompanying Payment Services Regulation. Together they modernise and replace PSD2, with the PSR providing a single directly applicable rulebook and PSD3 covering the licensing of payment and e-money institutions.
They strengthen open banking access for third-party providers, enhance Strong Customer Authentication, expand fraud prevention (including Verification of Payee), move much of the conduct rulebook into a directly applicable regulation, and merge the E-Money Directive into the payments framework.
The Parliament and Council reached provisional political agreement on 27 November 2025, and publication in the Official Journal is expected around mid-2026. The PSR is expected to apply 18 months after entry into force (with Verification of Payee at 24 months), and PSD3 must be transposed within 18 months.
Verification of Payee is a fraud-prevention measure requiring payment providers to check that the payee's name matches the account identifier (IBAN) before a payment is made, helping customers avoid misdirected payments and impersonation fraud.
PSD3 is a directive that member states transpose into national law (mainly licensing and authorisation), while the PSR is a regulation that applies directly across the EU without national transposition (mainly the conduct of payment services).
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