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