Regulatory status checked: 10 August 2026.
The EU’s review of the payment-services framework consists of two related legislative files: a proposed third Payment Services Directive (PSD3) and a directly applicable Payment Services Regulation (PSR). The Council and the European Parliament reached a provisional political agreement on the package on 27 November 2025. Formal adoption and publication were still pending at the date of this review.
PSD3 primarily concerns the authorisation and supervision of payment institutions and electronic-money institutions. The PSR is intended to establish more harmonised conduct requirements for payment services across the EU, including rules on information, user rights and fraud prevention.
The provisional agreement includes measures intended to strengthen the response to payment fraud. These include information-sharing between payment-service providers, checks between an account name and its IBAN, and clearer responsibilities where preventive requirements are not followed. It also addresses transparency concerning fees and payment information.
The package is intended to improve access to payment-account information for authorised providers while maintaining security and customer control. Financial institutions should therefore assess their interfaces, consent processes, fraud controls, customer communications and arrangements with third-party providers when the final texts are available.
The proposed Framework for Financial Data Access, commonly known as FIDA, is a separate legislative file. It concerns customer-permissioned access to financial data beyond payment accounts, potentially including certain data relating to savings, investments, loans, insurance and pensions.
FIDA should not be presented as a provision of PSD3. Its scope, legislative status and implementation timetable must be assessed independently.
Preparatory analysis can distinguish between four workstreams: licensing and supervision under PSD3, conduct requirements under the PSR, payment-account access, and the separate FIDA proposal. Detailed implementation decisions should be based on the final legal texts and applicable national requirements rather than the original 2023 proposals alone.
Regulatory status checked: 10 August 2026. Regulation (EU) 2025/2075 requires in-scope transactions in transferable securities executed on EU trading venues
