Estera Sava, Senior Writer at The Paypers, covers the regulatory and fraud prevention frameworks that impact A2A payments development globally.
Account-to-account (A2A) payment volumes have advanced faster than the regulations governing them. Juniper Research projected that global A2A transaction value will more than double, from USD 91.5 trillion in 2025 to USD 195 trillion by 2030. Compared with A2A payments, cards have built fraud liability and dispute-resolution frameworks over decades. In 2026, regulators across major markets are moving to build the A2A equivalent, and the resulting rules will determine how A2A payments operate in 2027 and beyond.
EU’s PSD3 and PSR and the UK’s Payment Systems Regulator
The EU’s PSD3 and Payment Services Regulation (PSR) are in provisional political agreement but not yet published in the Official Journal. Once published, core obligations, including provider liability for fraud losses and payee verification on every transfer, will roll out in phases over the following 18 to 21 months, finalising in late 2027 or 2028. In the interim, the European Payments Council’s Verification of Payee (VoP) scheme rulebook 1.1, effective from 20 September 2026, is impacting day-to-day SEPA operations well before PSD3.
The UK is restructuring, with the Financial Conduct Authority (FCA) absorbing the Payment Systems Regulator. Moreover, HM Treasury’s July 2026 consultation on modernising payments regulation closes in October 2026.
The Americas: different paths to regulation and fraud prevention
In North America, the US federal Open Banking regulation remains stalled. The CFPB’s Section 1033 rule is legally blocked, and it submitted a revision proposal in August 2026. However, this issue does not extend to the ACH network: Nacha’s fraud-monitoring rules are in place, with amendments scheduled for 2027 and 2028, independent of federal Open Banking policy.
Canada’s approach is the opposite, as it is developing the Real-Time Rail (RTR) and an Open Banking framework simultaneously. The RTR targets a Q4 2026 launch, while Consumer-Driven Banking Regulations, including payment-initiation-related aspects, target mid-2027.
In LATAM, Brazil’s central bank continues to tighten Pix directly, introducing fraud holds and in-app dispute tools through 2026, while planning international interlinking. The latest development, announced in September 2026, is a feasibility assessment of connectivity with TARGET Instant Payment Settlement (TIPS).
APAC: domestic payments reforms and regional interlinking
India’s two-factor authentication mandate covers all digital payment channels (cards, wallets, net banking, and UPI alike) and took effect in April 2026.
Australia is expanding the Consumer Data Right to non-bank lenders, starting in November 2026, as part of its wider Open Banking initiative. Meanwhile, an anti-money laundering and counter-terrorism financing (AML/CTF) reform applies directly to financial services. It must meet new AUSTRAC rules and international standards set by the Financial Action Task Force (FATF).
Singapore’s Shared Responsibility Framework, in force since December 2024, applies across payment channels. It splits liability for phishing/scam losses between financial institutions and telco operators, not just payment providers. As for Project Nexus, it is designed to comply with the regulations and rules of participating countries, and a possible oversight arrangement could involve a Joint Oversight Forum (JOF), comprising these countries’ central banks/ jurisdictions.
MEA regulations reflect A2A payments expansion ambitions
Regulators across MEA are advancing national instant payment and Open Finance frameworks. The Central Bank of the UAE’s Aani instant payments platform, operated by its subsidiary Al Etihad Payments, underpins Open Finance. Its design centres on ISO 20022 standards and local and international data sharing regulations.
Egypt’s central bank issued licensing and registration rules for payment system operators and providers in June 2025, ahead of a planned Open Banking framework that remains under development. Additionally, in line with digitalisation efforts, it announced new electronic identity verification requirements in August 2026, establishing a regulatory framework for the Digital Financial Identity (DFI) platform.
The Central Bank of Nigeria’s instant-payments circular, effective 1 July 2026, requires opt-in/opt-out transfer controls, multi-factor authentication, and real-time fraud monitoring across all providers.
Global standards and cross-border infrastructure compliance requirements
Globally, FATF’s revised Recommendation 16 rewrites AML data requirements for cross-border transfers, applying the same obligations to fintechs and banks alike. This requirement depends on the shift in ISO 20022 messaging infrastructure.
The Bank for International Settlements’ Committee on Payments and Market Infrastructures treats this structured data as a precondition for meeting the G20’s targets. The Financial Stability Board’s 2025 assessment pattern is consistent, suggesting that fraud responsibility is shifting toward financial institutions, while national RTP infrastructure is advancing faster than the cross-border layer set to enable interoperability.
For banks, fintechs, PSPs, and merchants operating on A2A payment rails, three trends recur across most regions: payment providers are liable for fraud, RTP infrastructure is an expected requirement, and Open Banking is progressing from read-only data access and payment initiation to value-added services, following the industry move to Open Finance.
This editorial piece was first published in The Paypers' Account-to-Account Payments Report 2026, which features insights into global trends, technologies, partnerships, and the next phase of the A2A evolution. Access the full report to understand where the A2A payments ecosystem stands today and what’s next.
About the author
Estera Sava is a Senior Writer at The Paypers, bringing her expertise in content creation and editorial processes to the Audience team. Focusing on the ever-evolving fintech and payments landscape, she is involved in various high-impact projects and industry reports and coordinates the annual Account-to-Account Payments reports. Through her proactive approach and dedication, Estera helps drive the success of The Paypers' initiatives.
