Council first reading position with a view to adoption for proposed Payment Services Package

The Council of the EU has published its first reading position (dated 21 October) with a view to the adoption of the proposed revised Payment Services Directive (PSD3) and the new 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 the current framework under Directive (EU) 2015/2366 (known as 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.

The Council's position follows the final compromise texts published in April, which reflected the provisional political agreement reached with the European Parliament (EP) in November 2025. The EP must now approve the Council's position at second reading. In its draft statement of reasons, also dated 21 October, the Council notes that the chair of the Committee on Economic and Monetary Affairs indicated that she would recommend that Parliament accept the position, subject to legal-linguistic verification, provided it reflects the agreed overall provisional agreement.

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