On 23 April 2026, the EU Council released the final compromise texts of the legislative proposals for the Third Payment Services Directive (“PSD3”) and the Payment Services Regulation (“PSR”).
Together with the proposals, the EU Council released a memorandum (‘I’ Item Note) from its General Secretariat. The memorandum states that the proposed final compromise texts of the PSD3 and PSR aim to address the outstanding challenges identified by the Commission in its evaluation of the impact and application of the Second Payment Services Directive (“PSD2”). In particular, the proposals seek to tackle payment fraud, increase consumer protection, boost transparency, improve access to cash for consumers, and adapt the payment services rules to new market developments and technological innovations.
The memorandum also suggests that the Committee of Permanent Representatives approve the texts of the draft PSD3 and draft PSR with a view to reaching an agreement at second reading with the European Parliament.
Notwithstanding this recommendation, the compromise texts may still be subject to change as the legislative procedure nears formal approval by both the Council and the Parliament. Once formally approved, the final texts may be signed into law and published in the Official Journal of the EU.
Procedural timelines may, however, vary. Even after the conclusion of trilogue negotiations, completing the EU legislative procedure takes time. The finalisation of language versions and other legislative-technical matters often takes a considerable amount of time (e.g. several months may elapse between Parliament’s approval and publication in the Official Journal of the EU). It should also be noted that, following publication, the national implementation period of the PSD3 begins. Member states are given 21 months in the draft PSD3 to implement the changes.
