Modernising payment services and enhancing open banking: a comparison of recent EU proposals of payment services directive 3 (PSD3) and payment services regulation (PSR) with current PSD2

Result code in IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F68407700%3A21630%2F23%3A00372332" target="_blank" >RIV/68407700:21630/23:00372332 - isvavai.cz</a>

Result on the web

<a href="https://adjuris.ro/reviste/hlbf/Horizons%20of%20Law%20in%20Business%20and%20Finance.pdf" target="_blank" >https://adjuris.ro/reviste/hlbf/Horizons%20of%20Law%20in%20Business%20and%20Finance.pdf</a>

DOI - Digital Object Identifier

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Result language

angličtina

Original language name

Modernising payment services and enhancing open banking: a comparison of recent EU proposals of payment services directive 3 (PSD3) and payment services regulation (PSR) with current PSD2

Original language description

The article provides a comparative analysis of the fundamental developments of the recently published EU Financial Data Access and Payments Package. It focuses on the comparison of the proposal of the Payment Services Directive 3 (PSD 3) and a new Payment Services Regulation (PSR) with the current PSD2. Among the main features, the European Commission promises improvements mainly in the protection of Payment Services Users and also in the area of competitiveness in the financial sector. Besides PSD3, the new PSR, which will be directly applicable in the whole EU, will tackle forum shopping by increasing the harmonisation in different Member States. Regarding competitiveness, the proposed framework aims to increase competitiveness by further enhancing open banking with a dedicated interface (API) for exchanging information between market players and providing users with dashboards to monitor and manage their consent with data sharing easily. However, the proposed framework repeals some PSD2 exceptions and imposes unnecessary administrative burden on specific types of businesses, such as foreign exchange services or limited networks, or fails to include sufficient temporary provisions allowing for uninterrupted operations. The article presents a critical discussion of proposed changes and their potential impact on practice. The new framework is just at the beginning of the legislative process, and the finally approved PSD3 and PSR are expected to be applicable in 2026 at the earliest.

Czech name

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Czech description

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Type

D - Article in proceedings

CEP classification

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OECD FORD branch

50501 - Law

Project

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Continuities

I - Institucionalni podpora na dlouhodoby koncepcni rozvoj vyzkumne organizace

Publication year

2023

Confidentiality

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Article name in the collection

Horizons of Law in Business and Finance

ISBN

978-606-95862-2-8

ISSN

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e-ISSN

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Number of pages

10

Pages from-to

217-226

Publisher name

ADJURIS – International Academic Publisher

Place of publication

Bukutešť

Event location

Praha

Event date

Oct 25, 2023

Type of event by nationality

WRD - Celosvětová akce

UT code for WoS article

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