T343 · PSD3 · PSR · Open Banking · AP2 Export

PSD3 / PSR2 Transition Impact Assessor

Assesses the transition impact from PSD2/EMD2 to PSD3/PSR for payment institutions, e-money institutions, and banks. Expected publication Q2/Q3 2026 with an 18-month transposition window (~Q4 2027). Key changes: EMIs integrated into the PI framework, mandatory IBAN/name VoP checks extended, prescriptive API SLA standards, expanded fraud reimbursement, and a revised SCA regime.

Expected OJ Q2/Q3 2026 ~Q4 2027 Transposition EMI→PI · VoP · FAPI · SCA Revision Client-Side · Zero PII · CC BY 4.0
Q2/Q3 2026 PSD3 Directive + PSR expected in Official Journal ● Expected
~Q4 2027 18-month transposition deadline (estimated) ● Plan now
PSR Day 1 Regulation (PSR) directly applicable — no transposition needed ● Directly applicable
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Step 01 Institution Profile & Current Licence
Step 02 Open Banking API & VoP Status
PSD3/PSR mandates FAPI-aligned API standards with prescriptive SLAs
PSD3 extends mandatory VoP (IBAN/name check) to all credit transfers, not just Instant
PSD3 expands fraud reimbursement obligations, including for authorised push payment (APP) fraud
Step 03 EMI Merger & Re-authorisation Assessment

PSD3 proposes integrating e-money institution authorisations into the payment institution framework. Existing EMIs will likely require re-authorisation under the new combined PI/EMI regime. Even non-EMIs may be affected if they provide ancillary e-money services.

PSD3/PSR Transition Impact Assessment
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Indicative Transition Timeline
2025–2026
Commission proposal published; trilogue negotiations
PSD3 Directive text expected in OJ Q2/Q3 2026
Q2/Q3 2026
Official Journal publication — 18-month clock starts
PSR directly applicable from publication date; PSD3 Directive requires national transposition
~Q4 2027
National transposition deadline for PSD3
Member states must transpose PSD3 into national law; NCAs begin accepting re-authorisation applications
Post-2027
Re-authorisation / licence migration window
Transition provisions expected for existing PSD2/EMD2 licensees — grandfathering period likely
PSD3/PSR Gap Analysis
Change areaPSD2 currentPSD3/PSR requirementImpactAction required
Transition Readiness Checks
AP2 v1.0 · @ainumbers.co/psd3-psr2-transition-v1

Regulatory Sources

[1]PSD3 Directive proposal COM(2023) 366 — European Commission, 28 June 2023 (expected final OJ Q2/Q3 2026)
[2]Payment Services Regulation (PSR) proposal COM(2023) 367 — directly applicable regulation replacing PSD2 provisions
[3]PSD2 Directive 2015/2366/EU — Article 97 SCA requirements, Title II authorisation, Title III passport rights
[4]EMD2 Directive 2009/110/EC — e-money institution authorisation and safeguarding requirements
[5]EPC Verification of Payee (VoP) scheme — EPC020-23 v1.0: framework for IBAN/name matching across SEPA