The Open Banking & PSD3 Europe Forum comes at a pivotal moment as the EU payments industry prepares for sweeping changes under the new regulatory frameworks. The evolving landscape of payment services requires stakeholders to adapt swiftly to new compliance mandates, fraud prevention measures, and consumer protection standards, shaping the future of payments & Open Banking: from PSD2 to PSD3, PSR, and beyond.
The Evolution of EU Payment Services Regulation: From PSD2 to PSD3 and PSR
- The second Payment Services Directive (PSD2), formally known as Directive (EU) 2015/2366, marked a significant milestone in modernizing the EU’s payment services framework. Building on its predecessor, the Payment Services Directive (PSD1, Directive 2007/64/EC), PSD2 enabled innovation, enhanced competition, and strengthened consumer protection in the payments sector. However, the rapidly evolving payment landscape, marked by innovative payment solutions and increasingly sophisticated fraud mechanisms, necessitated further regulatory updates.
- In response, the European Commission introduced proposals in July 2023 for tthe Payment Services Directive 3 (PSD3, COM/2023/366) and the Payment Services Regulation (PSR, COM/2023/367) , aiming to replace PSD2. These initiatives seek to address the challenges of the modern payment ecosystem while enhancing consumer trust and market efficiency.
- The financial landscape is undergoing a profound transformation with the introduction of PSD3 (Payment Services Directive 3) and PSR (Payment Services Regulation). These groundbreaking regulations aim to harmonize the payments ecosystem, foster innovation, and enhance consumer protection while addressing the dynamic challenges of cybersecurity, digital identity, and cross-border payments.
The Scope of PSD3
PSD3 aims to consolidate the regulatory framework for PIs and EMIs, replacing PSD2 and the E-Money Directive (EMD2, Directive 2009/110/EC). Key changes include:
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- A unified authorization process for PIs and EMIs, allowing PIs to offer e-money services.
- Alternative options for meeting initial capital requirements, such as €50,000 capital instead of professional indemnity
insurance. - Updates to safeguarding rules, including the option to secure funds in central bank accounts.
- Adjustments to capital requirements to reflect inflation.
The Scope of PSR
As the first EU regulation directly applicable to payment services, PSR introduces updates to:
- Transparency and information requirements for payment transactions.
- Strong customer authentication and exemptions.
- Operational and security risk management.
- Transaction risk analysis and obligations for all parties involved in payment transations.
Why Open Banking & PSD3 Europe Forum Is So Timely?
The Open Banking & PSD3 Europe Forum comes at a pivotal moment as the EU payments industry prepares for sweeping changes under these new regulatory frameworks. The evolving landscape of payment services requires stakeholders to adapt swiftly to new compliance mandates, fraud prevention measures, and consumer protection standards.
- Navigating Complexity: Our forum equips banks, Payment Service Providers (PSPs), and financial institutions with actionable insights to address emerging challenges, such as managing stronger customer authentication (SCA) requirements and integrating advanced fraud prevention systems.
- Fostering Collaboration: The event offers a platform to engage with regulators, innovators, and peers, enabling a deeper understanding of the operational, technical, and strategic implications of PSD3 and PSR.
- Driving Strategic Decisions: By participating, attendees will gain clarity on harmonized EU rules, facilitating better preparation for cross-border services, safeguarding funds, and achieving compliance with the enhanced transparency and consumer rights directives.
- Competitive Edge: Our forum provides exclusive updates on how open banking enhancements and a level playing field can be leveraged to create innovative payment solutions, ensuring businesses stay ahead of the curve.
Who Should Attend?
The summit is designed for professionals and decision-makers navigating the evolving regulatory landscape, including:
- Regulators & Policymakers: Shaping the framework for the next era of payments.
- C-Level Executives: CIOs, CTOs, and compliance leaders driving innovation and security.
- Fintech Innovators: Disrupting the market with cutting-edge solutions.
- Banking & Payment Providers: Adapting to the demands of PSD3/PSR.
- Cross-Industry Professionals: Retail, e-commerce, and other sectors integrating digital payments.
What Sets This Summit Apart?
The Open Banking & PSD3 Europe Forum offers a unique blend of insights, actionable strategies, and networking opportunities:
- Deep-Dive Panels Explore regulatory nuances, industry challenges, and opportunities with leading experts.
- C-Level Executives: CIOs, CTOs, and compliance leaders driving innovation and security.
- Interactive Case Studies Learn from real-world examples of PSD3/PSR implementations.
- 1:1 Networking Connect with peers, regulators, and solution providers.
- Strategic Workshops Address implementation challenges, compliance strategies, and emerging trends.
- Key Takeaways for Attendees
Participants will gain:
- Regulatory Insights A comprehensive understanding of PSD3/PSR and their implementation roadmap.
- Actionable Solutions Strategies to overcome challenges in fraud management, compliance, and innovation.
- Collaborative Connections Building partnerships across the payments ecosystem.
