European Commission publishes PSD3 consultation

This is accompanied by targeted consultations on PSD2 (PSD2 Targeted Consultation) and Open Finance (Open Finance Targeted Consultation), which take the form of detailed questionnaires.

The consultations cover a wide range of topics. The Main Consultation asks more general questions on the use of payment services and the impact of PSD2, whereas the PSD2 Targeted Consultation and Open Finance Targeted Consultation ask detailed questions about technical matters and the extent of possible future regulation in payments and Open Finance.

The consultations are early steps in the European Commission’s review of PSD2, which may ultimately result in revisions.

The consultations do not constitute a final position or formal proposal from the European Commission. However, the nature of the questions – particularly in the PSD2 Targeted Consultation – are likely an indication of the key areas of focus for the European Commission.

Some of the topics include the possible extension of regulation to currently unregulated activities such as payment transactions using crypto assets, Buy Now, Pay Later services, operating payment systems or payment schemes, digital wallet, and payment processing services.

Responses to the Main Consultation must be submitted by August 2, 2022. Responses to the PSD2 Targeted Consultation and Open Finance Targeted Consultation must be submitted by July 5, 2022.