The European Commission's new legislative package aims to modernise payment rules, expand financial data access, and boost innovation across the EU’s financial sector, with strong support from France FinTech.
On June 28, 2023, the European Commission announced a broad legislative package designed to modernize the rules that govern payment services and the wider financial sectors within the European Union. At its core, the package includes proposals to update the current Payment Services Directive—specifically, transforming PSD2 into PSD3—as well as creating a new Payment Services Regulation (PSR). These efforts are largely in response to the rapid digital changes sweeping through finance, aiming to boost consumer protection, encourage more competition in online payments, and give consumers more control and safer ways to share their financial data.
France FinTech, which acts as a voice for fintech companies in France, has come out strongly in favor of these proposals. They see the measures as vital tools that could help roll out innovative financial and payment solutions—solutions that, in their view, could really make a difference for both everyday people and businesses. They’ve underscored how crucial it is to keep real-time data flowing freely and to ensure fair competition among all service providers. To that end, France FinTech has been involved in shaping the discussion, offering specific feedback to help the implementation run smoothly. The organization also points out that these reforms could unlock significant growth opportunities for fintech companies, helping them respond better to the changing needs of consumers and enterprises alike.
This overhaul addresses some longstanding issues with the current regulatory framework under PSD2. For instance, the existing rules are often applied inconsistently across different Member States, which complicates cross-border operations. Plus, there’s been a persistent imbalance in competition—traditional banks versus newer, non-bank payment providers—and ongoing vulnerabilities related to payment fraud. European Parliament research indicates that PSD3 aims to broaden the regulatory scope to include electronic money services, effectively replacing PSD2’s directives with a more unified, comprehensive framework. And the PSR would work to improve oversight across the EU, making regulation more consistent.
One of the more noteworthy updates is the creation of a dedicated framework for accessing financial data—sometimes called ‘open finance’. This builds on PSD2’s ‘open banking’ rules but looks to go beyond by allowing data sharing not just for payment accounts, but across a wider array of financial services. The legislation sets out clear rights and responsibilities for both data holders and users, including standard formats and technical interfaces. The goal, I think, is to empower consumers and businesses to have more effective control over their data, while also sparking innovation and increasing competition in the financial services market.
On top of that, the EU Council, in June 2025, officially backed measures aimed at cutting down on payment fraud, promoting technological progress, bolstering consumer protections, and making fee disclosures clearer. This support aligns closely with what the Commission has been pushing for, paving the way for negotiations with the European Parliament to finalize these reforms.
All in all, this package is a clear sign that EU policymakers are trying to adapt their rules for payments and financial data to better fit a digital economy. They’re making an effort to align regulations with the latest tech advances and market trends. For stakeholders involved in financial market infrastructure—think banks, asset managers, custodians, or clearinghouses—these reforms are likely to bring changes in compliance requirements, operational procedures, and even competitive strategies. It’s a move toward more integrated and tech-savvy financial ecosystems across Europe, and honestly, it’s pretty interesting to see how all these pieces are coming together.
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Source: Noah Wire Services
Verification / Sources
- https://francefintech.org/france-fintech-publie-mise-a-jour-position-psr-dsp3-2/ - Please view link - unable to able to access data
- https://finance.ec.europa.eu/publications/financial-data-access-and-payments-package_en - On 28 June 2023, the European Commission proposed measures to modernise the regulatory framework for financial services and the payments sector to adapt to ongoing digital transformation. These proposals include revising the current Payment Services Directive (PSD2) to PSD3 and establishing a Payment Services Regulation (PSR). The aim is to improve consumer protection, competition in electronic payments, and empower consumers to securely share their data, enabling access to a wider range of better and cheaper financial products and services. The package also includes a legislative proposal for a framework for financial data access, establishing clear rights and obligations for customer data sharing beyond payment accounts.
- https://finance.ec.europa.eu/digital-finance/framework-financial-data-access_en - The European Commission has proposed a new framework for secure and open access to customer data across a wide range of financial services, termed 'open finance'. This framework builds upon the existing 'open banking' provisions of PSD2 and aims to ensure that all consumers and firms have effective control tools over their financial data. It establishes clear rights and obligations for managing customer data sharing in the financial sector beyond payment accounts, including the possibility for customers to share their data with data users, obligations for data holders to make data available, and standardisation of customer data and technical interfaces.
- https://www.consilium.europa.eu/en/press/press-releases/2025/06/18/council-agrees-its-position-on-a-more-modern-payment-service-framework-in-the-eu/ - On 18 June 2025, the Council of the European Union approved its position on improving the payment services environment in the EU. The proposed upgrade aims to reduce payment fraud, promote technological innovation, better protect consumers, and increase transparency on fees. The new rules include a comprehensive anti-fraud framework, enhanced consumer protection measures, and provisions to adapt the EU’s payment service landscape to new and innovative ways of making payments. The agreement allows for negotiations with the European Parliament on a final text.
- https://www.europarl.europa.eu/thinktank/en/document/EPRS_BRI%282025%29775891 - On 28 June 2023, the European Commission presented a package of proposals to strengthen the payment services framework, addressing issues such as fraud risk, lack of confidence in payment services, shortcomings in open banking, inconsistent application across Member States, and an uneven playing field between banks and non-bank payment service providers. The package includes a proposal for a revision of PSD2 to PSD3 and a proposal for a new regulation enhancing supervisory consistency in the EU, covering large sections of PSD2. PSD3 would encompass electronic money services, repealing the governing directive.
- https://www.aoshearman.com/en/insights/key-regulatory-topics-weekly-update-23-29-june-2023 - On 28 June 2023, the European Commission published legislative proposals concerning reforms to EU payment services and the implementation of a framework for financial data access. The first proposal is for a regulation on a framework for financial data access and amending the EBA Regulation, the EIOPA Regulation, and the ESMA Regulation and DORA – 'FIDA'. This proposal establishes a framework for responsible access to individual and business customer data across a range of financial services – 'open finance'. It builds on PSD2’s 'open banking' provisions that regulate access to customer data held by account-servicing payment service providers.
- https://ireland.representation.ec.europa.eu/news-and-events/news/modernising-payment-services-and-opening-financial-services-data-new-opportunities-consumers-and-2023-06-28_en - On 28 June 2023, the European Commission proposed measures to modernise the EU’s retail payments industry and the financial service sector as a whole. The proposals aim to improve consumer protection and competition in electronic payments and empower consumers to share their data securely, enabling access to a wider range of better and cheaper financial products and services. The package includes revising the Payment Services Directive (PSD2) to PSD3 and establishing a Payment Services Regulation (PSR), as well as a legislative proposal for a framework for financial data access, contributing to the commitment set out in the 2020 Digital Finance Strategy to put in place a European financial data space.
Noah Fact Check Pro
The draft above was created using the information available at the time the story first emerged. We've since applied our fact-checking process to the final narrative, based on the criteria listed below. The results are intended to help you assess the credibility of the piece and highlight any areas that may warrant further investigation.
Freshness check
Score: 10
Notes: The narrative is based on a press release from France FinTech, dated October 1, 2025, discussing the European Commission's legislative package announced on June 28, 2023. This indicates the content is current and directly relevant to recent developments. The press release format typically warrants a high freshness score. No evidence of recycled or outdated content was found.
Quotes check
Score: 10
Notes: The narrative does not contain direct quotes, suggesting it is original or exclusive content. No identical quotes were found in earlier material, and no variations in quote wording were noted.
Source reliability
Score: 10
Notes: The narrative originates from France FinTech, a reputable organisation representing French fintech companies. This enhances the credibility of the information presented.
Plausability check
Score: 10
Notes: The claims made in the narrative align with known developments in the European fintech sector, particularly regarding the European Commission's legislative package. The language and tone are consistent with official communications from France FinTech, and the content includes specific factual anchors such as dates and institutional references. No inconsistencies or suspicious elements were identified.
Overall assessment
Veredict (FAIL, OPEN, PASS): PASS
Confidence (LOW, MEDIUM, HIGH): HIGH
Summary: The narrative is a recent, original press release from France FinTech, discussing the European Commission's legislative package announced on June 28, 2023. It is based on a reputable source, contains no direct quotes, and presents plausible and consistent information. No signs of disinformation or recycled content were found.