EU reaches deal on new Payment Services Regulation #
The European Council and Parliament have reached a political agreement on the EU’s new Payment Services Regulation (PSR), a reform package designed to strengthen consumer protection, enhance fraud prevention, and improve competition in the payments market, according to Finextra. The PSR will sit alongside the revised Payment Services Directive (PSD3) as part of the EU’s broader update to its payments framework
Key measures include stricter rules for instant payment fraud detection, mandatory verification of payee information, and improved transparency around fees. The regulation also introduces clearer obligations for payment service providers, new safeguards for access to bank accounts, and stronger oversight of non-bank players participating in the EU’s payment ecosystem
The agreement aims to modernise Europe’s retail payments landscape amid rapid digitisation and rising cyber-risk. Once formally adopted, the PSR will apply directly across all EU member states, helping create a more unified regulatory environment for banks, fintechs, and merchants operating across borders.