TAS’ Post

The third Payment Services Directive (PSD3) and the Payment Services Regulation (PSR) are expected to be voted on by the EU Parliament in 2024. They will have a major impact on open banking and create new compliance requirements for banks and non-bank payment service providers (PSPs). One trend, in particular, I find interesting is related to fraud. PSPs will be required to monitor fraud and share data and other information, including unique identifiers, manipulation techniques, fraudulent credit transfers, and identify patterns of behaviour with each other. PSPs must also have programs to raise customers’ awareness of fraud risks and help them stay safe. This is coming up in most conversations im having today as compliance and business units are reviewing the impacts these changes might have on them.

In the ever-evolving landscape of financial services, staying up to date with regulatory changes is crucial, especially when it comes to payment services. The Payment Services Directive (#PSD2) has been a game-changer, introducing Strong Customer Authentication (#SCA) and promoting #openbanking. Now, the European Commission proposes to replace PSD2 with PSD3 and introduce the Payment Services Regulation... What are the key changes? Learn more by reading our recent blog 👉 https://lnkd.in/dXzyGdYN #psd3 #paymentsecurity #identityprotection #mfa #fraudprevention

Are you looking for insights into #paymentregulations for 2024? Then look no further!  Discover how adhering to payments regulations can boost business credibility and provide you with a competitive edge. Learn more about #compliance in European payments and how to benefit from the latest changes in the article: https://lnkd.in/dbG3fmwn #FinancialSecurity #ComplianceMatters #PaymentInnovation

The future of finance is instant, and Europe is leading the way. 🚀 The European Parliament's recent endorsement of the regulation mandating instant payments marks a significant milestone in the digital transformation of Europe's financial landscape. This move, met with overwhelming support, underscores Europe's commitment to modernizing its payment systems and embracing the convenience and efficiency of instant payments. The new regulation requires credit transfers to be completed within ten seconds across the EU, ensuring that instant payments become the new normal. This development holds immense potential for businesses and individuals alike, enabling faster and more seamless financial transactions. However, it's important to acknowledge the challenges that lie ahead in achieving widespread adoption. The stringent deadlines imposed by the regulation put significant pressure on financial institutions to adapt their systems and processes accordingly. ⌛ For an in-depth analysis of the regulatory changes and their broader implications for the European banking industry, I highly recommend reading Sheri Brandon's latest blog. She provides valuable insights into the evolving payments landscape and the opportunities it presents. https://bit.ly/3OzKQAE Join the conversation and share your thoughts on this transformative step towards a more efficient and interconnected financial ecosystem in Europe. 🤝 #InstantPayments #EU #Worldline #Payments

#PSD3 is gearing up to make waves in the #PaymentsIndustry. 📣 While #PSD2 brought #DigitalTransformation to payments, it also revealed #legal loopholes. 😵 PSD3's mission is to mend these gaps, prevent #fraud, and catalyze #innovation. Read more in our latest blog...⬇ http://thls.co/JeYL50Q4YXn

The Payment Services Directive (PSD2) has significantly impacted the financial industry by introducing Strong Customer Authentication (SCA) and fostering #openbanking. Now, with the European Commission's proposal to transition from #PSD2 to PSD3 and implement the Payment Services Regulation (PSR1), it is crucial for financial institutions, especially #banks, to grasp the potential effects. This shift highlights the importance of innovative approaches like #passwordlessauthentication. In our recent blog post, we delve into the major changes suggested by the European Commission – read it here 👉 https://lnkd.in/dcv3A9Gg #paymentprotection #eu #fraudprevention #strongcustomerauthentication #psd3

"In 2026 the existing second Payment Services Directive (PSD2) will formally be replaced by two new pieces of legislation: the first Payment Services Regulation (PSR1) and PSD3. The European Commission’s aim is to boost payments security and level the playing field between banks and payment initiators (PIs). With the transition period well underway, market participants across Europe are pulling their proverbials up and considering the benefits that PSD3 could bring." https://lnkd.in/dW4XhPVD #PSD3

Four key trends driving payments regulations: Emerging fraud risks, increased competition, development of open banking and wider regulatory change. For further detail see this article

One of the primary challenges faced by US banks in handling cross-border payments is ensuring #compliance with various #regulations and international #standards. Anti-money laundering (AML) and know your customer (KYC) regulations require banks to conduct thorough due diligence on both senders and recipients of funds, adding layers of complexity to the #payment process.   Selecting the right #advisory partner enables banks to gain direction and support in prioritizing regulatory compliance, efficiently managing currency conversion, leveraging technology-driven solutions, and fostering collaboration amongst others. Learn more- https://lnkd.in/dkXczh-e #GLF #GoLiveFaster #Payments #CrossBorderPayments #BankingInnovation #USBanking

Please join me for another X-Cross border discussion that is impacting international money movement! Full details below.