The European Commission has published eagerly anticipated proposals for the third Payment Services Directive and the new Payment Services Regulation. The new rules, which amend and modernise the current Payment Services Directive (PSD2) introduce a raft of measures to:
- Combat and mitigate payment fraud
- Improve customer rights
- Further level the playing field between banks and non-banks
- Improve the functioning of open banking
- Improve the availability of cash in shops and via ATMs
- Strengthen harmonisation and enforcement
At the heart of the proposals are consumers' interests, competition, security and trust.