PSD3 and the Payment Services Regulation (PSR)

PSD3 and the Payment Services Regulation (PSR) are the two instruments the European Commission proposed on 28 June 2023 to replace the second Payment Services Directive, Directive (EU) 2015/2366 (PSD2). PSD3, COM(2023) 366, is a directive on the authorization and supervision of payment institutions; it folds electronic money institutions into that regime as a sub-category and repeals the second E-Money Directive. The PSR, COM(2023) 367, is a regulation that carries the conduct rules, so one text would bind every member state without national transposition.

The main changes the Commission proposed in the PSR:

• A check that the payee's name matches the IBAN for all credit transfers, and a basis for payment service providers to share fraud information with each other.
• Wider refund rights for consumers who fall victim to fraud.
• Fewer obstacles to open banking, and more control for customers over their payment data.
• Access for non-bank payment institutions to all EU payment systems, and firmer rights to a bank account.
• Clearer information on ATM charges and account statements.

Adoption is not complete. Parliament adopted its first-reading positions on both files on 23 April 2024, and on 5 May 2026 its committee approved the text agreed with the Council in interinstitutional negotiations. As of 30 September 2026, the Legislative Observatory lists both files as awaiting the Council's first-reading position, and the PSR file shows an indicative plenary date of 14 December 2026.

Until the new texts are adopted and apply, PSD2 and the national laws that transpose it remain the rules to comply with. Payment firms should track the files by lifecycle stage: the application dates will only be fixed once the final acts are published in the Official Journal.

This entry is general information, not legal advice.