Council of European Union agrees negotiating mandate for proposed Payment Services Package

The Council of the European Union has announced it has adopted its negotiating mandate for the proposed Payment Services Directive (PSD3) and Payment Services Regulation (PSR), collectively known as 'the Payment Services Package'. The legislative package aims to modernise the EU's regulatory framework for payment services, building on the foundations of PSD2 to enhance consumer protection, strengthen fraud prevention and improve the functioning of open banking. It also seeks to address the pending challenges in the context of the impact and application of PSD2 in the internal market and adapt it to align with new market developments. Once formally agreed by both the Council of European Union and the European Parliament, the proposals will establish the PSR, which will be directly applicable in the EU and will repeal PSD2, replacing it with PSD3. We discuss the Payment Services Package in our bulletin, "Combatting payment account fraud - latest regulatory developments from the European Union."

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