The newest update to the Payment Services Directive, PSD3, has been two years in the making, and final guidelines are expected to come this year.
While the changes will be sweeping in Europe, shifting how the directive impacts banks and payment service providers (PSPs), we may see its impact reach the U.S. within the next year and a half, after the draft for U.S. firms is finalized, particularly in the areas of data security and data sharing.
The third directive traces its roots to summer 2023, when the European Commission said it would seek to update PSD2, which was introduced in 2016. In addition, the European Commission also published its Payments Services Regulation (PSR), which focuses largely on technical standards.
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