PSD3

Third Payment Services Directive (PSD3) & Payment Services Regulation (PSR)

EU legislative process — finalization expected 2026; PSD2 remains in force until transposition

PSD3 is the European Union's overhaul of its payment-services framework, replacing the Second Payment Services Directive (PSD2) that has governed European payments, open banking and payment-institution licensing since 2018. Proposed by the European Commission in June 2023 alongside a directly-applicable Payment Services Regulation (PSR), the package tightens fraud and strong-customer-authentication rules, merges the e-money regime into the payments regime, and reworks open-banking data access.

For payment institutions, e-money issuers and fintechs operating in or into the EU, the PSD2→PSD3 transition will reshape licensing, safeguarding and API-access obligations. Because PSD3 is a directive, national transposition by member-state regulators will follow — which is where the practical compliance detail lands.

This page tracks PSD2/PSD3-related publications across the regulators RegAlert monitors — consultations, transposition measures, guidance and supervisory statements — updated the day they appear.

Replaces:: PSD2 (Directive (EU) 2015/2366) and the E-Money Directive
Proposed:: European Commission, June 2023 (with the PSR)
Status:: EU legislative process; national transposition to follow adoption
Who it affects:: Payment institutions, e-money issuers, banks, open-banking providers serving the EU

Payments Licensing

Latest tracked documents (39)

Opinion on the interplay between PSD2 and MiCA in relation to crypto-asset service providers that transact electronic money tokens

European Union

EBA

Regulations and general guidelines governing payment institutions and registered payment service providers

Sweden

2026-05-19

Consolidated version of EBA amending Guidelines on ICT and security risk management

European Union

EBA

2026-04-02

Reporting of major ICT-related incidents and voluntary notification of significant cyber threats under DORA

Belgium

NBB

2026-03-12

Royal Decree 736/2019 on the legal regime of payment services and payment institutions

Spain

CNMV

2026-03-05

Proposed Payment Service Requirements Module

Bahrain

CBB

2026-02-12

Access to SFD systems (including TARGET Services)

Netherlands

DNB

2026-02-12

Opinion on the end of the No-action Letter transition period

European Union

EBA

2025-11-20

Licence application for CASPs

Netherlands

DNB

2025-07-28

FAQs on the Interplay between MiCAR and PSD2

Ireland

CBI

2025-06-30

User Guide for Incident Reporting under DORA

Norway

NFSA

2024-02-01

Q&A Additional own funds for payment institutions and electronic money institutions

Netherlands

DNB

2022-12-26

Bank of Israel Circular on Deferring Advanced Payment Services Directive

Israel

BOI

2022-12-21

Circular to Financial Institutions and other Service Providers on Amendments to FIR/01

Malta

MFSA

2022-10-20

Compliance with EBA Guidelines on the Equivalence of Confidentiality Regimes (EBA/GL/2022/04)

France

ACPR

2022-08-31

Circular to Credit Institutions and Financial Institutions on the Repeal of FIR/04

Malta

MFSA

2022-07-06

NBB Circular NBB_2022_18 / EBA Guidelines on the limited network exclusion under PSD2

Belgium

NBB

2022-05-18

CSSF Circular 22/812: Adoption of EBA Guidelines on Limited Network Exclusion under PSD2

Luxembourg

CSSF

2021-11-19

Implementation of the revised EBA guidelines on the notification of major incidents under Directive (EU) 2015/2366 (PSD2) (EBA/GL/2021/03)

France

ACPR

2021-10-29

Communication of 29 October 2021: Implementation for Payment Service Providers of the Updated EBA Guidelines on Major Incident Reporting under PSD2 (EBA/GL/2021/03)