PSD3 Expectations: What Can We Expect?

It’s been over three years since the European Union’s second Payment Services Directive (PSD2) came into force, revolutionizing the financial sector with open banking initiatives and services. Now, focus on PSD3 is beginning to take shape, and there are already many speculations about what the directive will entail.

Here are some of the expectations that have been discussed:

Focus on innovation and security
PSD2 has already been a driving force for innovation in financial services. PSD3 is expected to continue this trend while placing more emphasis on security, especially with regard to user authentication and protection of personal information.

More focus on consumer protection
One of the main objectives of PSD3 is expected to be more consumer protection. This may include increased transparency, easier access to data, and greater accountability for financial service providers.

Greater harmonization across EU countries
One of the goals already achieved by PSD2 was to create greater harmonization among the various EU countries. PSD3 is expected to continue this work and strengthen cooperation between EU countries, especially across borders.

More focus on the environment
Environmental concerns have been on the agenda in many sectors, and the financial sector is no exception. PSD3 is expected to include more focus on sustainability and environmentally friendly initiatives.

Increased collaboration between banks and fintechs
PSD2 has already created an opening for more collaboration between banks and fintechs. PSD3 is expected to continue to strengthen this collaboration, and there may be more emphasis on collaboration between established financial service providers and new fintech startups.

Currently, there is still no clarity on when PSD3 will come into force or the extent of its content. But with PSD2 as a successful model and expectations of greater innovation, security, consumer protection, harmonization, environment, and collaboration between banks and fintechs, the future looks bright for PSD3.

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