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Paving the way for the future of payments - The PSD III package is here: discover its key features

On 28 June 2023, the European Commission released its so-called PSD III package, which will replace the PSD II and the EMD. This package is part of a wider set of legislative measures making up the EU retail payments strategy, which seeks to promote an EU payments market that is competitive, innovative and secure, and that meets the needs and expectations of consumers and businesses. The European Commission based this proposal on the outcome of a consultation strategy that it launched in mid-2022 to assess the application and impact of the PSD II.

The new legislative package is expected to apply 18 months after its publication in the Official Journal of the European Union.

This note outlines the main aspects of this package according to the current version of the proposal. However, the text of the proposal may change during the EU legislative process.