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Thought Leadership
PAYMENT SCHEME COMPLIANCE IN THE AGE OF PSD3
Rivero
Dec 11, 2024
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The Payment Services Directive (PSD) has played a key role in creating secure,
consistent banking and shopping experiences across Europe’s borders, devices,
and channels. First introduced in 2007, its guidelines have evolved alongside
changes in banking, security, consumer behavior, and payments. While PSD1 aimed
to harmonise a fragmented market, protect consumers and stimulate competition,
PSD2 built on these efforts by focusing on reducing fees, promoting open banking
and enhancing security. Now PSD3 continues this journey, addressing the
challenges that have arisen along the way.
> In 2006, Jean-Claude Trichet, former president of the European Central Bank,
> noted that European consumers were already accustomed to using a single
> currency and purse and deserved to “make cashless payments throughout the euro
> area from a single account under the same basic conditions, regardless of
> their location.”
PAYMENT SCHEME COMPLIANCE: THE CURRENT LANDSCAPE
Almost two decades after PSD1, cash usage continues to decline, and financial
institutions are facing an increasing volume of bulletins and rule changes from
Visa and Mastercard. This makes managing scheme compliance more costly, complex,
and labor-intensive. Legacy tools and manual procedures are struggling to keep
pace with the volume. However, modern, technology-driven solutions, such as
Kajo, are offering a way forward.
For many institutions, adopting centralised scheme management systems can help
reduce manual workloads by flagging high-priority items, providing overviews and
updates, enabling clearer interpretations of complex rules. These systems allow
businesses to focus on improving scheme compliance without becoming bogged down
by administrative bottlenecks.
THE ROLE OF TECHNOLOGY IN COMPLIANCE
By leveraging automated tools, financial institutions can access real-time
scheme compliance statuses across their entire operation. These tools simplify
the distribution of important bulletins to the relevant stakeholders, ensuring
timely, transparent communication. This shift towards automation not only saves
valuable time but also mitigates the risk of non-compliance, helping businesses
stay ahead of evolving regulatory requirements.
Many businesses are finding that automating scheme compliance tasks allows them
to shift their focus away from routine administrative work and towards more
strategic, high-value activities. This transformation is critical as PSD3 sets
the stage for the next era of financial services and payment security.
HOW PSD3 IS SHAPING THE FUTURE OF PAYMENTS
With PSD3, the European Commission is pushing to clarify best practices in areas
like fraud prevention, consumer privacy, and Strong Customer Authentication
(SCA). The regulation aims to strengthen the financial ecosystem by fostering
innovation, improving data access, and ensuring that payment schemes remain
secure in the face of new challenges.
In addition to PSD3, the European Commission's updates to the Payments Services
Regulation (PSR) and the Financial Data Access (FIDA) framework emphasise
transparency, protection, and fair competition among payment service providers
(PSPs). Together, these efforts are designed to help businesses stay compliant,
ensure greater cooperation between banks and fintechs, and provide consumers
with better, safer payment options.
THE FUTURE: FRAUD PREVENTION, DATA ACCESS, CONSUMER PROTECTION
The European Commission’s report on SCA showed a nearly 50% reduction in fraud
between 2020 and 2021, highlighting the significant impact of robust security
measures. PSD3 will continue to address emerging threats by requiring stronger
checks between payees and bank account numbers before funds are transferred,
ensuring that fraud victims are refunded, and improving awareness of fraud
risks.
PSD3 also introduces new measures to protect vulnerable consumers, ensuring that
SCA is accessible to everyone, including those who may have difficulty accessing
digital banking services. Additionally, it will simplify the rules for non-bank
PSPs and e-money institutions, promoting greater efficiency in the market.
Through the ongoing evolution of PSD3, consumers will have greater control over
their financial data. By giving consumers the ability to manage data-sharing
permissions, PSD3 aligns with the growing importance of data privacy, helping to
create a more secure and transparent payments ecosystem.
> Mairead McGuinness, European Commissioner for Financial Services, Financial
> Stability, and the Capital Markets Union, expressed confidence in the
> direction PSD3 is taking, stating, “in the EU’s growing data economy, every
> interaction in finance creates new data. It is therefore vital that European
> consumers remain the ones in control of their payments, and they decide with
> whom to share this data so that they can avail of new and innovative
> products.”
LOOKING AHEAD
The arrival of PSD3 signals the next chapter in the European payments landscape.
With its focus on security and consumer protection, PSD3 will create a more
secure, efficient, and harmonised ecosystem.
As businesses navigate the complexities of PSD3 and its evolving compliance
requirements, solutions like Kajo can provide crucial support. Kajo, our
award-winning scheme compliance solution, helps financial institutions automate
and streamline their scheme compliance processes. By offering real-time update
notifications and ensuring full regulatory adherence, Kajo helps businesses stay
ahead of regulatory changes and focus on strategic growth. With its
user-friendly platform and robust features, Kajo is designed to make compliance
as seamless as possible, allowing businesses to adapt to the demands of PSD3
with ease.
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Related articles:
1. The Ultimate Scheme Compliance Checklist for Financial Institutions
2. European Payments Initiative compliance and dispute considerations: the road
ahead
3. Build on Customer Trust with Next Gen Fraud Management
4. Mastering Scheme Compliance: PostFinance’s roadmap to success with Kajo
5. Rivero in the news: our latest press releases
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