Payment service providers must be familiar with and comply with numerous regulatory requirements, including key legal acts such as PSD2, EMD2, and the German Payment Services Supervision Act (ZAG). With the planned Payment Services Package, far-reaching changes are already on the horizon. To help you stay informed and maintain an overview, we have updated our blog post to reflect all the latest developments and summarised the most important regulations for you in a visual chart.
Regulatory Requirements – and What’s About to Change
The Second Payment Services Directive (PSD2) and the Electronic Money Directive (EMD2) form the regulatory foundation for payment institutions and e-money issuers in the European Union. The objective of both directives is to create a secure, transparent, and competitive environment for payment services. In Germany, these directives have largely been transposed into national law through the Payment Services Supervision Act (ZAG) and supplementary regulations.
German and European financial supervisory law sets high standards for the provision of payment services. These include licensing requirements subject to ongoing supervision, own funds and capital requirements, safeguarding of customer funds, reporting and disclosure obligations, compliance with technical security standards such as strong customer authentication (SCA), and the implementation of an established complaints management system.
On 28 June 2023, the European Commission presented the Payment Services Package, which is currently going through the European legislative process. The proposed PSD3 and PSR are intended to tighten the existing framework – for example, through more precise SCA rules and enhanced consumer protection.
Implementing Standards, Guidelines, and Guidance Notes
Financial service providers must not only be aware of the European base legislation and national law. The European Commission has adopted numerous supplementary legal acts in the form of Regulatory Technical Standards (RTS) and Implementing Technical Standards (ITS), which specify the statutory requirements for payment service providers in a binding manner.
In addition, payment service providers should also be familiar with the guidelines, communications, and guidance notes issued by the European supervisory authorities and the German Federal Financial Supervisory Authority (BaFin), which provide practical assistance in interpreting and applying the law.
Stay on Top – with Our Visual Overview
To help you keep track, we have compiled the most important legal sources and interpretive aids in an interactive chart available for download. There, you’ll find all relevant regulatory provisions at a glance – including direct links to the original texts. This way, you always have the key requirements readily accessible.
To provide a broader overview, we have also created visual guides covering the legal sources payment service providers should be aware of in the areas of anti-money laundering law and IT supervision.
This post was last updated on 15 July 2025.
