{"id":15083,"date":"2024-01-24T06:00:59","date_gmt":"2024-01-24T06:00:59","guid":{"rendered":"https:\/\/letslaw.es\/?p=15083"},"modified":"2024-01-05T07:42:12","modified_gmt":"2024-01-05T07:42:12","slug":"initial-features-of-the-regulation-psd3","status":"publish","type":"post","link":"https:\/\/letslaw.es\/en\/initial-features-of-the-regulation-psd3\/","title":{"rendered":"Initial features of the PSD3 regulation, intended to replace PSD2"},"content":{"rendered":"

The first features of the PSD3 regulation<\/strong>, which is intended to replace PSD2, aim to bring payments and the financial sector into the digital age.\u00a0In 2018, the second Payment Services Directive (PSD2) was implemented.<\/p>\n

After five years of application, the European Commission has concluded that certain aspects could be improved. Therefore, in June 2023, they presented a new proposal to modify and modernize PSD2, aiming to propel payments and the financial sector into the digital era.<\/p>\n

PSD3 regulation vs. PSD2 regulation: differences between them<\/h2>\n

The PSD marked a significant advancement in the entire financial sector, contributing to the development of a single payment market in the European Union, in fact, the PSD2 directive and its inplication on marketplaces<\/a> seeks to increase the security of online payment transactions.<\/p>\n

In this regard, PSD2 sought to deepen and enhance the fulfillment of this objective by introducing measures such as:<\/p>\n

Firstly, new security requirements were introduced<\/strong>, known as Strong Customer Authentication (SCA). This mechanism mandates the use of two authentication factors in banking operations, including payments and online account access through apps.<\/p>\n

As an example, when a user makes an online purchase exceeding fifty euros, it is no longer sufficient to input the card number and CVV; a valid second authentication factor, such as using a mobile phone to validate the purchase, is required.<\/p>\n

Secondly, PSD2 demanded that banks open up their payment services to third parties<\/strong>, commonly known as Third-Party Payment Service Providers (TPPs).<\/p>\n

It also began regulating two popular service categories: Payment Initiation Services (PIS) and Account Information Services (AIS).<\/strong><\/p>\n

PSD3 Regulation: key elements<\/h2>\n

After the European Commission published the draft of the new PSD3 regulation<\/a>, the first measures have not been long in coming. One of its noteworthy measures is the establishment of a Payment Services Regulation (PSR)<\/strong>, where measures with direct application in the territories of Member States will be set. These include:<\/p>\n