PSD3 / PSR
EU Payment Services Directive 3 + Payment Services Regulation
Overview
PSD3 and the companion Payment Services Regulation (PSR) modernise the EU payment-services framework, replacing PSD2 + EMD2. The proposed text (COM(2023) 366/367) introduces enhanced SCA exemptions, mandatory IBAN-name verification (Verification of Payee), liability shifts on instant-payment fraud, an Open Finance access framework via the Financial Data Access (FIDA) regulation, and a single regime covering payment institutions and e-money institutions. IOF is built forward-compatible: rail-api exposes VOP attestations on every credit transfer, OBP gateway carries SCA evidence packs aligned to PSD3 RTS drafts, the consent-management rail carries FIDA-aligned scope grants, and the payments rail emits instant-payment fraud-monitoring signals. PSD3 has not yet entered into force (expected 2025–2026 EU adoption); IOF carries this regime as designed-for, not yet certified, until the directive transposes into national law.
Scope
Applies to the FINANCIAL/Payments rail, OBP gateway, consent-management primitives, and Open Finance access scopes. Customers receive an explicit advisory in their compliance pack until PSD3 enters into force in their jurisdiction.
Key Controls
- Enhanced SCA framework with PSD3-aligned exemptions (low-value, trusted-beneficiary, low-risk transaction)
- Mandatory IBAN-name match (VOP) on every credit transfer; mismatch attestations recorded
- Open Finance scope vocabulary aligned to FIDA (savings, investment, pension, mortgage, lending data)
- Instant-payment fraud monitoring rail with PSP-to-PSP fraud-data sharing hooks
- Merged scope: payment institutions and e-money institutions under unified evidence pack
- Cash-withdrawal services scope captured per PSR Title II
Certification & Audit
Designed-for PSD3 + PSR draft text; certification will follow national-law transposition per member state
Tracking PSD3 Council/Parliament trilogue; quarterly review against latest published text
Evidence Bundle
Evidence bundle available on request
Contact compliance@islamicopenfinance.com to request the evidence pack for this framework. We typically respond to audit requests within two business days.