We are apparently nearing the next step in the evolution of EU payments law, with the publication of new versions of the proposed directive and accompanying regulation. The original proposals were published in June 2023, which I covered here.
PSD3 will govern licensing and supervision of e-money and payment institutions, while the PSR will govern the operation of payment services (including those offered by banks). Of course, the directive will need to be implemented under the national laws of each member state, while the regulation will apply directly (though will likely require some local implementation).
Among the more revolutionary aspects are proposals for an anti-fraud framework. Regulated payment service providers (PSPs) will have to share fraud-related information and adopt a system to check IBANs against the corresponding bank account name before permitting transfers.
The proposals also bring electronic communications service providers - internet service providers and messaging platforms - within scope for fraud prevention, specifically requiring them to "take all reasonable organizational and technical measures to detect and prevent fraud within their sphere of competence, in accordance with applicable Union and national law."
ATMs will have to show all fees and exchange rates before each transaction.
There are also proposals for more transparency on payment card scheme fees and rules that should help merchants compare acquiring services (as the UK's Payment Services Regulator was also seeking to achieve, before being subsumed into the FCA).
I will keep following developments until the new legislation is passed. It appears the legislation will take effect 24 months later.
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