PSD3 nears final agreement

The European Parliament has voted through proposed changes to the Payment Services Regulation and Directive by a large majority. Key changes include:

• free verification of identifiers and requirements on PSPs to ensure SCA – with a requirement on PSPs that do not use fraud prevention mechanisms to compensate customers’ losses arising from fraud;
• clear and transparent information about fees and charges;
• better access to cash – including exempting from regulatory requirements retailers who provide cash of up to €100 independently of a purchase, and using a light-touch regime for ATMs that do nothing except enable cash withdrawals; and
• introducing new types of regulated payment services, for example for allowing customers to pay for online shopping without a credit card.