Final compromise texts for proposed Payment Services Package published

The Council of the EU has published notes from its General Secretariat to the Permanent Representatives Committee (COREPER), setting out the final compromise text for the proposed revised 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.

The Council also published an "I" item note from its General Secretariat, suggesting that COREPER approves the text of the draft Directive and draft Regulation with a view to reaching an agreement at second reading with the European Parliament (EP). The Council and the EP agreed their respective negotiating positions on the legislative proposals in June 2025 and April 2024, which we cover in more detail in our blog post titled "European Council and Parliament reach provisional agreement on EU Payments Package". For more background on the proposed package, you may wish to read our article titled "Paving the way for the future of payments - The PSD III package is here: discover its key features".

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