🎧 Tune in now – and find out what PSD3 and PSR really mean for the future of payments.
In this episode of Alles Legal – Fintech Law Briefly Explained, host Dana Wondra (Payment & Banking) talks to Frank Müller, partner at the law firm Annerton, about two major regulatory initiatives set to reshape the European payments landscape: PSD3 and the PSR.
About this Episode
Harmonised rules, stronger protection, fewer loopholes
PSD3 and PSR – two acronyms that are bound to define the future of payments in the EU. While PSD3 is a directive replacing the current PSD2, the PSR introduces a directly applicable EU regulation for the very first time. Together, these frameworks aim to enhance consistency, bolster consumer protection, and increase security in digital payments.
One legal framework to rule them all
Frank Müller provides context on the European Commission’s plans and explains the rationale behind the dual approach of directive and regulation. A key objective: establishing harmonised rules across the EU to eliminate “forum shopping” through differing national interpretations.
A new focus on fraud prevention and customer protection
The episode also explores the tightened requirements around Strong Customer Authentication (SCA). In the future, payment service providers will bear the burden of proof in cases of unauthorised transactions, needing to show gross negligence on the part of the customer – a fundamental shift in liability.
One regime for payments and e-money institutions
Another major change: for the first time, payment and e-money institutions will be regulated under a single EU framework. This unified approach is expected to increase clarity and streamline supervision across the bloc.
Trilogue and what lies ahead for businesses
The legal texts have not yet been finalised and are currently in the EU trilogue process. However, Frank Müller offers a clear forecast: businesses should closely monitor the developments and prepare early. Once adopted, transitional periods will apply – but the window for implementation will be narrow.
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About this podcast
Alles Legal – Fintech Law Briefly Explained delivers sharp, weekly insights into legal and compliance matters in the world of banking.
This podcast is a collaboration between Payment & Banking and PayTechLaw.
Each Wednesday, we unpack the legal developments shaping the financial world – clearly, concisely, and without the legal jargon.
Since 2021, PayTechLaw authors and Annerton attorneys have brought depth and clarity to complex topics.
Whether it’s PSD3, DORA, or FiDA – we provide the legal context you need.
In 20 minutes. No detours.
