What is PSD3 and what is it expected to include? Retail payment systems are ever-evolving and becoming increasingly digital and real-time around the world. However, Europe has sometimes been seen as needing to catch up in terms of payment system modernisation. Taking the example of instant payments, for instance, only 14% of all retail payments were... Continue Reading →

How PSD3 will impact participation in schemes Clearing and settlement systems (CSMs) are at the core of European payments. Every day, 48 trillion payments are cleared by those systems using the standard language of ISO XML files. However, the requirements to directly participate in the clearing and settlement process is a demanding process from a... Continue Reading →

The impacts of PSD3 on IBAN verification: the EU is getting its version of confirmation of payee In June 2023, the European Commission published its legislative proposal to amend and modernise the current version of the Payment Services Directive, PSD2. The new version, PSD3, introduces new guidelines regarding IBAN verification application and implementation. In this article, we... Continue Reading →

PSD1, PSD2, PSD3: 15 years of EU legislation in a nutshell Who, at the beginning of the 2000s, could offer payment services in the European Union? At that time, it was extremely difficult to answer the question. Companies which provide payment services could fall under extremely different legal requirements from one Member State to another.... Continue Reading →