PSD3 Definition.
Legislative package proposed by the European Commission in June 2023, combining a PSD3 directive (licensing, supervision) and a directly applicable Payment Services Regulation, or PSR (user rights, SCA, fraud). Key measures: stronger payee verification, shared liability for manipulation fraud, direct access to payment systems for payment institutions, and a merger of the e-money regime into the payment institution regime. A political agreement was reached on November 27, 2025; application is expected in the second half of 2028 at the earliest, after final adoption and a 21-month transition period.
See also
Where this term appears
GuidePayment regulationGuideAgents, distributors, and banking-as-a-service: who is liable for whatGuideThe PSD2 framework contract and conduct-of-business rulesGuideWhen no authorization is required: exclusions from the scope of payment servicesGuideLuxembourg and Europe’s licensing hubsGuideChargebacks and disputes around the worldGuidePayment licenses and authorizations around the worldGuidePayPal, BNPL, and alternative paymentsGuideSEPA credit transfers and direct debitsGuideAI agent identity and mandatesGuideAgentic commerce: scenarios for 2030GuideOpen banking and pay-by-bank