Transition from PSD2 to PSD3
A recent webinar hosted by WH Partners, featuring Joseph F. Borg, Gaby Zammit and Lara Savona, explored the proposed PSD3 and Payment Services Regulation (PSR) framework, the anticipated implementation timeline and the practical steps payment and electronic money institutions should begin taking to prepare for reauthorisation.
The transition from PSD2 to PSD3 will represent far more than a regulatory update. Throughout the session, the speakers emphasised that firms should start assessing their readiness early, engaging boards of directors, compliance and legal teams, technology functions, and key third-party service providers.
While the proposed implementation timeline depends on the outcome of the legislative process and the adoption of accompanying regulatory standards, the speakers noted that the new framework is expected to be published by the end of the year, although timelines may still evolve.
