GIM Legal’s Post

Time flies! This time last year, #PSD3 and its big sister, #PSR, arrived. How are things looking today for the #payments package? ✅ The European Parliament already has a negotiating mandate. ⏳ The Council has made some good progress - the Belgian Presidency's progress report was published last week in fact. Among its highlights is that Member States agree screen scraping and similar methods of access are outdated, insecure, and should no longer be allowed. Are we moving towards a true API-only #openbanking regime? One would hope so. What's next? 🇭🇺 Hungary takes over the rotating Presidency in July, and will likely seek agreement by the end of the year. After which the real fun begins - trilogue negotiations between Commission, Parliament, and Council. We wrote last year about the 7 things you need to know about PSD3/PSR. The one thing we can cross of the list is direct access for PIs and EMIs, and that's only because it's been done through the Instant Payments Regulation 🎉 https://lnkd.in/datFK4uE

PSD3 is coming. This draft proposal builds on the foundations laid out by PSD2, further enforcing consumer protection measures, involving more stakeholders like non-PSPs and broadening its geographical scope past the EEA boundaries. It also introduces new concepts like Open Finance and paradoxically lowers 2FA/MFA standards in an attempt to make strong customer authentication regulations accessible for non-digitally savvy users. Find out what it entails, how it affects PSPs and how they can prepare. https://lnkd.in/euygyqWP #psd3 #mfa

The new draft Payment Services Directive (PSD3) has been published. Already authorized Payment Institutions and Electronic Money Institutions will be facing new challenges such as the need to obtain an new authorization under PSD3. Here’s what you need to know. #payment #PSD3

🇪🇺 On 28th June 2023, the European Commission presented proposals to further modernise payments. The proposals will modernise PSD2, which will be followed by Payment Services Directive (PSD3), and in parallel introduces a Payment Services Regulation (PSR).   What impact will these regulations have on the European payments sector?   👇 For more information :   #PSD3 #PSR #Payments

The new draft Payment Services Directive (PSD3) has been published. Already authorized Payment Institutions and Electronic Money Institutions will be facing new challenges such as the need to obtain an new authorization under PSD3. Here’s what you need to know. #payment #PSD3

The new draft Payment Services Directive (PSD3) has been published. Already authorized Payment Institutions and Electronic Money Institutions will be facing new challenges such as the need to obtain an new authorization under PSD3. Here’s what you need to know. #payment #PSD3

Processing payments in Europe? PSD3 is here to accelerate the financial sector further into the digital age. The goal: protect consumers’ rights and personal information while improving competition in the payments industry. Discover how to safeguard payment transactions and counteract payments fraud with Strong Customer Authentication (SCA) here: https://lnkd.in/eM2zHEyU

🚀 New EU Payment Regulations 🌍💳 The recent EU #payment regulations can prove pivotal for #issuers, #acquirers and consumers. We gathered the most important information and learnings so you won't have to. 🌟🛡️ Enhanced Fraud Protection Measures The EU is stepping up with robust #fraud protection measures to transform the financial environment for better security and stability. This includes the enforcement of Strong Customer Authentication (#SCA) and the Euro Instant Payments Regulation rollout. 🏦💡🔐 Mandatory Strong Customer Authentication (SCA) SCA ensures that every electronic #transaction is verified, safe, and secure. This means payment service providers must now implement stringent #verification processes to confirm identities during transactions. Think of it as a digital fortress protecting your transactions. 🏰🔒📊 Transparency and Accessibility in Payment Services It's not just about security; it's also about transparency and fairness. The new regulations mandate clear communication of all transaction fees upfront, ensuring consumers are never in the dark about the costs associated with their financial activities. 🤝💬🌐 The Introduction of Euro Instant Payments Regulation The Euro Instant Payments Regulation is set to revolutionize payments across the EU and EEA. This means faster, more efficient transactions available 24/7, enhancing the EU's financial autonomy and reducing dependency on external financial entities. ⚡🌍📢 Why This Matters These regulatory enhancements are pivotal for protecting consumers, empowering businesses, and strengthening the EU's overall economic framework. They promote a secure, transparent, competitive market environment that benefits everyone. 🌟🛠️📚 Dive Deeper Curious to learn more about these groundbreaking changes? Check out the full article for a detailed breakdown of the new EU payment regulations: https://lnkd.in/dDrJdAUh

The European Commission has proposed revisions to #PSD2 aiming to strengthen user protection and confidence in payments, improve open banking services, enhance enforcement and implementation, and provide better access to payment systems for non-bank PSPs. Some key highlights include extended fraud protection measures, improvements to strong customer authentication, and the obligation to inform payment service users on estimated charges for currency conversions. #Payments #EU #PSD3 #OpenBanking #ConsumerProtection

The European Commission has proposed revisions to #PSD2 aiming to strengthen user protection and confidence in payments, improve open banking services, enhance enforcement and implementation, and provide better access to payment systems for non-bank PSPs. Some key highlights include extended fraud protection measures, improvements to strong customer authentication, and the obligation to inform payment service users on estimated charges for currency conversions. #Payments #EU #PSD3 #OpenBanking #ConsumerProtection