Open Banking PSD3 is the third version of the Payment Services Directive (PSD), which is an EU directive that regulates payment services and payment service providers.

The directive was first implemented in 2018 and has been in force since then.

The main objectives of PSD3 are to improve the security of online payments, increase consumer protection, and promote competition and innovation in the payments industry.

The European Commission is currently in the process of drafting legislation for the implementation of PSD3, which is expected to be passed in Q1 or Q2 of 2023.

Once passed, the directive will be implemented in the EU, with different countries having different timelines. In some countries, such as the UK and Germany, the implementation of PSD3 is already in full swing, while other countries are still in the process of implementing the directive.

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