On 28 June 2023, the European Commission published a proposal for PSD31 (Payment Services Directive 3) and the new PSR2 (Payment Services Regulation), which concluded the review period of PSD2. PSD2 was designed to enhance competition, security, and innovation in the European payments market, but the revision was timely given significant changes in the market and technological environment since the introduction back in 2015. The main objectives of the revision were to address the shortcomings of the previous directive, simplify regulation, fulfillment of “open banking” and the facilitation of digital payments’ spread.
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