{"id":14892,"date":"2026-07-22T10:06:31","date_gmt":"2026-07-22T08:06:31","guid":{"rendered":"https:\/\/trustpair.com\/blog\/payment-services-regulation-2024\/"},"modified":"2026-07-22T10:25:33","modified_gmt":"2026-07-22T08:25:33","slug":"payment-services-regulation-2024","status":"publish","type":"post","link":"https:\/\/trustpair.com\/gb\/blog\/payment-services-regulation-2024\/","title":{"rendered":"Payment Services Regulation (PSR): Definition, Key Changes &amp; 2027 Timeline"},"content":{"rendered":"<p>PSD2 felt like a bombshell piece of legislation when it first came in, with high hopes of open banking transformation. And while the regulation has been successful in some areas, inefficiencies like high fraud rates have also been identified, leading to the introduction of the PSR. <a href=\"https:\/\/www.ecri.eu\/sites\/default\/files\/a-study-on-the-application-and-impact-of-directive-ev0423061enn.pdf\">The EU\u2019s recent report<\/a> listed \u201cunharmonized implementation\u201d, \u201ccross-border difficulties\u201d and \u201cdisproportionate requirements and costs\u201d as barriers under <a href=\"https:\/\/trustpair.com\/gb\/blog\/psd2-does-it-apply-to-your-business\/\">PSD2<\/a>. In this article, learn all about PSR and how it<strong>\u00a0will fix those challenges<\/strong>.<\/p>\n<p>Trustpair goes further than European regulation in terms of fraud prevention, by providing ongoing account validation. <a href=\"https:\/\/trustpair.com\/gb\/demo-5\/\">Contact an expert to learn more!<\/a><\/p>\n<h2 id=\"key-takeaways\" class=\"pb-2 pt-4 heading-xl text-foreground\">Key Takeaways<\/h2>\n<ul class=\"list-disc pb-2 pl-6 flex flex-col gap-1 text-foreground text-base leading-relaxed\">\n<li class=\"break-words text-foreground text-base leading-relaxed\">The\u00a0<strong class=\"font-semibold text-foreground\">Payment Services Regulation (PSR)<\/strong> is a new EU regulation that directly applies across all member states, no national transposition needed.<\/li>\n<li class=\"break-words text-foreground text-base leading-relaxed\">It works alongside\u00a0<strong class=\"font-semibold text-foreground\">PSD3<\/strong>\u00a0to replace PSD2, addressing fraud, open banking, and consumer protection gaps.<\/li>\n<li class=\"break-words text-foreground text-base leading-relaxed\">After a provisional political agreement in\u00a0<strong class=\"font-semibold text-foreground\">November 2025<\/strong>, final texts were published in April 2026. The PSR is expected to\u00a0<strong class=\"font-semibold text-foreground\">apply from mid-to-late 2027<\/strong>, following a 21-month transition period.<\/li>\n<li class=\"break-words text-foreground text-base leading-relaxed\">The PSR introduces\u00a0<strong class=\"font-semibold text-foreground\">mandatory IBAN-name verification (Verification of Payee)<\/strong>, stronger SCA rules, and enhanced fraud liability frameworks.<\/li>\n<li class=\"break-words text-foreground text-base leading-relaxed\">Tools like\u00a0<strong class=\"font-semibold text-foreground\">Trustpair&#8217;s account validation platform<\/strong>\u00a0already deliver the payee verification standard that PSR is mandating, helping businesses stay ahead of compliance requirements.<\/li>\n<\/ul>\n<p><!--HubSpot Call-to-Action Code --><\/p>\n<p><span id=\"hs-cta-wrapper-da811cb8-a05b-4781-a174-88c951500f10\" class=\"hs-cta-wrapper\"><span id=\"hs-cta-da811cb8-a05b-4781-a174-88c951500f10\" class=\"hs-cta-node hs-cta-da811cb8-a05b-4781-a174-88c951500f10\"><!-- [if lte IE 8]>\n\n\n\n\n\n\n\n\n\n<div id=\"hs-cta-ie-element\"><\/div>\n\n\n\n\n\n\n\n\n\n<![endif]--><a href=\"https:\/\/cta-redirect.hubspot.com\/cta\/redirect\/5278241\/da811cb8-a05b-4781-a174-88c951500f10\"><img decoding=\"async\" id=\"hs-cta-img-da811cb8-a05b-4781-a174-88c951500f10\" class=\"hs-cta-img\" style=\"border-width: 0px;\" src=\"https:\/\/no-cache.hubspot.com\/cta\/default\/5278241\/da811cb8-a05b-4781-a174-88c951500f10.png\" alt=\"New call-to-action\" \/><\/a><\/span><script charset=\"utf-8\" src=\"https:\/\/js.hscta.net\/cta\/current.js\"><\/script><script type=\"text\/javascript\"> hbspt.cta.load(5278241, 'da811cb8-a05b-4781-a174-88c951500f10', {\"useNewLoader\":\"true\",\"region\":\"na1\"}); <\/script><\/span><\/p>\n<p><!-- end HubSpot Call-to-Action Code --><\/p>\n<h2 id=\"what-is-the-payment-services-regulation-psr\" class=\"pb-2 pt-4 heading-xl text-foreground\">What is the Payment Services Regulation (PSR)?<\/h2>\n<div class=\"whitespace-pre-wrap break-words font-normal first:pt-0 last:pb-0 py-1 @md:pt-2 @md:pb-[10px] @md:leading-relaxed text-base leading-relaxed text-foreground\">The <strong class=\"font-semibold text-foreground\">Payment Services Regulation (PSR)<\/strong> is a new EU regulation introduced alongside the Third Payment Services Directive (PSD3) to replace the existing PSD2 framework. It directly applies across all EU member states without requiring separate national implementation, ensuring consistent consumer protection and payment security rules throughout the EU.<\/div>\n<div class=\"whitespace-pre-wrap break-words font-normal first:pt-0 last:pb-0 py-1 @md:pt-2 @md:pb-[10px] @md:leading-relaxed text-base leading-relaxed text-foreground\">The PSR primarily aims to:<\/div>\n<ul class=\"list-disc pb-2 pl-6 flex flex-col gap-1 text-foreground text-base leading-relaxed\">\n<li class=\"break-words text-foreground text-base leading-relaxed\"><strong class=\"font-semibold text-foreground\">Strengthen fraud prevention<\/strong>, including mandatory payee verification before any transfer<\/li>\n<li class=\"break-words text-foreground text-base leading-relaxed\"><strong class=\"font-semibold text-foreground\">Expand consumer rights<\/strong>\u00a0and transparency around fees and charges<\/li>\n<li class=\"break-words text-foreground text-base leading-relaxed\"><strong class=\"font-semibold text-foreground\">Harmonize open banking<\/strong>\u00a0rules across the EU<\/li>\n<li class=\"break-words text-foreground text-base leading-relaxed\"><strong class=\"font-semibold text-foreground\">Level the playing field<\/strong>\u00a0between banks and non-bank payment service providers (PSPs)<\/li>\n<\/ul>\n<div class=\"whitespace-pre-wrap break-words font-normal first:pt-0 last:pb-0 py-1 @md:pt-2 @md:pb-[10px] @md:leading-relaxed text-base leading-relaxed text-foreground\">Unlike PSD2, which was inconsistently implemented across member states, the PSR removes that ambiguity by acting as a regulation, binding and self-executing in every EU country simultaneously.<\/div>\n<div class=\"group relative w-full max-w-full min-w-0 overflow-visible my-2\">\n<div class=\"relative z-[1] h-0\">\n<div id=\"BlockActions\" class=\"absolute right-2 flex items-center gap-1 py-2\">\u00a0<\/div>\n<\/div>\n<div class=\"z-0 w-full min-w-0\">\n<div class=\"whitespace-pre-wrap break-words font-normal first:pt-0 last:pb-0 py-1 @md:pt-2 @md:pb-[10px] @md:leading-relaxed text-base leading-relaxed text-foreground\">Trustpair goes further than European regulation in terms of fraud prevention, by providing <strong class=\"font-semibold text-foreground\">continuous, automated account validation<\/strong> before every payment. <a class=\"break-all font-semibold transition-all duration-200 ease-in-out hover:underline text-highlight hover:text-highlight-400 active:text-highlight-dark\" title=\"https:\/\/trustpair.com\/demo\/\" href=\"https:\/\/trustpair.com\/demo\/\" target=\"_blank\" rel=\"noopener noreferrer\">Contact an expert to learn more.<\/a><\/div>\n<\/div>\n<\/div>\n<h2 id=\"what-is-the-difference-between-psr-and-psd3\" class=\"pb-2 pt-4 heading-xl text-foreground\">What is the difference between PSR and PSD3?<\/h2>\n<div class=\"whitespace-pre-wrap break-words font-normal first:pt-0 last:pb-0 py-1 @md:pt-2 @md:pb-[10px] @md:leading-relaxed text-base leading-relaxed text-foreground\">PSR and PSD3 are two complementary pieces of legislation proposed together in June 2023. They work as a package to modernize EU payments, but serve different functions.<\/div>\n<div class=\"group relative w-full max-w-full min-w-0 overflow-visible mt-11\">\n<div class=\"relative z-[1] h-0\">\n<div id=\"BlockActions\" class=\"absolute right-2 flex items-center gap-1 py-2 bottom-0 h-11\">\u00a0<\/div>\n<\/div>\n<div class=\"z-0 min-w-0 relative my-2 w-full border border-border rounded-2xl\">\n<div class=\"relative z-20 overflow-x-auto overflow-y-visible w-full rounded-2xl\" dir=\"ltr\">\n<div class=\"scrollarea-viewport h-full w-full rounded-[inherit]\" data-radix-scroll-area-viewport=\"\">\n<div>\n<table class=\"w-full\">\n<thead class=\"bg-muted-background px-2 py-2\">\n<tr>\n<th class=\"truncate whitespace-nowrap break-words py-3.5 pl-4 text-left text-xs font-semibold text-muted-foreground\">\u00a0<\/th>\n<th class=\"truncate whitespace-nowrap break-words py-3.5 pl-4 text-left text-xs font-semibold text-muted-foreground\"><strong class=\"font-semibold text-foreground\">PSR<\/strong><\/th>\n<th class=\"truncate whitespace-nowrap break-words py-3.5 pl-4 text-left text-xs font-semibold text-muted-foreground\"><strong class=\"font-semibold text-foreground\">PSD3<\/strong><\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"bg-background\">\n<tr>\n<td class=\"px-4 py-3 text-sm text-foreground\"><strong class=\"font-semibold text-foreground\">Type<\/strong><\/td>\n<td class=\"px-4 py-3 text-sm text-foreground\">Regulation (directly applicable)<\/td>\n<td class=\"px-4 py-3 text-sm text-foreground\">Directive (requires national transposition)<\/td>\n<\/tr>\n<tr>\n<td class=\"px-4 py-3 text-sm text-foreground\"><strong class=\"font-semibold text-foreground\">Scope<\/strong><\/td>\n<td class=\"px-4 py-3 text-sm text-foreground\">Conduct-of-business rules for all PSPs<\/td>\n<td class=\"px-4 py-3 text-sm text-foreground\">Licensing, supervision, and governance<\/td>\n<\/tr>\n<tr>\n<td class=\"px-4 py-3 text-sm text-foreground\"><strong class=\"font-semibold text-foreground\">Focus<\/strong><\/td>\n<td class=\"px-4 py-3 text-sm text-foreground\">Fraud prevention, SCA, consumer rights, open banking APIs<\/td>\n<td class=\"px-4 py-3 text-sm text-foreground\">Authorisation standards, competition, market access<\/td>\n<\/tr>\n<tr>\n<td class=\"px-4 py-3 text-sm text-foreground\"><strong class=\"font-semibold text-foreground\">Implementation<\/strong><\/td>\n<td class=\"px-4 py-3 text-sm text-foreground\">Applies directly across all EU member states<\/td>\n<td class=\"px-4 py-3 text-sm text-foreground\">Each member state must transpose into national law<\/td>\n<\/tr>\n<tr>\n<td class=\"px-4 py-3 text-sm text-foreground\"><strong class=\"font-semibold text-foreground\">Timeline<\/strong><\/td>\n<td class=\"px-4 py-3 text-sm text-foreground\">Applies 18 months after entry into force<\/td>\n<td class=\"px-4 py-3 text-sm text-foreground\">Member states must transpose within 18 months of entry into force<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div>\u00a0<\/div>\n<div class=\"whitespace-pre-wrap break-words font-normal first:pt-0 last:pb-0 py-1 @md:pt-2 @md:pb-[10px] @md:leading-relaxed text-base leading-relaxed text-foreground\">PSD3 sets who can operate as a payment service provider and under what conditions. The PSR defines how those providers must behave, with whom, under what rules, and at what standard of security.<\/div>\n<h3 id=\"psr-key-obligations\" class=\"pb-2 pt-4 heading-lg text-foreground\">PSR key obligations<\/h3>\n<div class=\"whitespace-pre-wrap break-words font-normal first:pt-0 last:pb-0 py-1 @md:pt-2 @md:pb-[10px] @md:leading-relaxed text-base leading-relaxed text-foreground\">The PSR focuses on banks&#8217; obligations in terms of:<\/div>\n<ul class=\"list-disc pb-2 pl-6 flex flex-col gap-1 text-foreground text-base leading-relaxed\">\n<li class=\"break-words text-foreground text-base leading-relaxed\"><strong class=\"font-semibold text-foreground\">Accessible financial services<\/strong>: Transparent, non-discriminatory rules for all customer groups, including vulnerable populations<\/li>\n<li class=\"break-words text-foreground text-base leading-relaxed\"><strong class=\"font-semibold text-foreground\">Fraud prevention<\/strong>: Transaction monitoring, mandatory information-sharing between PSPs, and IBAN-name verification before all transfers<\/li>\n<li class=\"break-words text-foreground text-base leading-relaxed\"><strong class=\"font-semibold text-foreground\">Open banking data sharing<\/strong>: Standardized API access for third-party providers (PISPs and AISPs)<\/li>\n<li class=\"break-words text-foreground text-base leading-relaxed\"><strong class=\"font-semibold text-foreground\">SCA upgrades<\/strong>: Refined Strong Customer Authentication, including biometrics and passkeys<\/li>\n<\/ul>\n<h3 id=\"psd3-key-obligations\" class=\"pb-2 pt-4 heading-lg text-foreground\">PSD3 key obligations<\/h3>\n<div class=\"whitespace-pre-wrap break-words font-normal first:pt-0 last:pb-0 py-1 @md:pt-2 @md:pb-[10px] @md:leading-relaxed text-base leading-relaxed text-foreground\"><a class=\"break-all font-semibold transition-all duration-200 ease-in-out hover:underline text-highlight hover:text-highlight-400 active:text-highlight-dark\" title=\"https:\/\/trustpair.com\/blog\/psd3\/\" href=\"https:\/\/trustpair.com\/blog\/psd3\/\" target=\"_blank\" rel=\"noopener noreferrer\">PSD3<\/a> addresses the structural side of EU payments:<\/div>\n<ul class=\"list-disc pb-2 pl-6 flex flex-col gap-1 text-foreground text-base leading-relaxed\">\n<li class=\"break-words text-foreground text-base leading-relaxed\">Harmonized licensing timelines (3-month approval from complete application)<\/li>\n<li class=\"break-words text-foreground text-base leading-relaxed\">Consolidated PI and EMI licensing into a single framework<\/li>\n<li class=\"break-words text-foreground text-base leading-relaxed\">Consumer data dashboards showing which third parties hold permissions<\/li>\n<li class=\"break-words text-foreground text-base leading-relaxed\">Improved cross-border supervision, including &#8220;triangular passporting&#8221;<\/li>\n<li class=\"break-words text-foreground text-base leading-relaxed\">Alignment with DORA (Digital Operational Resilience Act)<\/li>\n<\/ul>\n<h2 id=\"what-are-the-main-fraud-prevention-measures-in-the-psr\" class=\"pb-2 pt-4 heading-xl text-foreground\">What are the main fraud prevention measures in the PSR?<\/h2>\n<div class=\"whitespace-pre-wrap break-words font-normal first:pt-0 last:pb-0 py-1 @md:pt-2 @md:pb-[10px] @md:leading-relaxed text-base leading-relaxed text-foreground\">This is one of the most impactful areas of the PSR for businesses. The regulation introduces a comprehensive anti-fraud framework that includes:<\/div>\n<h3 id=\"mandatory-iban-name-verification-verification-of-payee\" class=\"pb-2 pt-4 heading-lg text-foreground\">Mandatory IBAN-name verification (Verification of Payee)<\/h3>\n<div class=\"whitespace-pre-wrap break-words font-normal first:pt-0 last:pb-0 py-1 @md:pt-2 @md:pb-[10px] @md:leading-relaxed text-base leading-relaxed text-foreground\">Before executing any credit transfer, PSPs must verify that the IBAN provided matches the name of the intended beneficiary, and flag any mismatch to the payer. This requirement is already in force for SEPA Instant transfers since October 2025 under the Instant Payments Regulation, the PSR extends it across all payment rails.<\/div>\n<h3 id=\"fraud-data-sharing-between-psps\" class=\"pb-2 pt-4 heading-lg text-foreground\">Fraud data sharing between PSPs<\/h3>\n<div class=\"whitespace-pre-wrap break-words font-normal first:pt-0 last:pb-0 py-1 @md:pt-2 @md:pb-[10px] @md:leading-relaxed text-base leading-relaxed text-foreground\">PSPs will be required to share fraud-related intelligence across the industry, enabling earlier detection of scam patterns and social engineering attacks.<\/div>\n<h3 id=\"enhanced-liability-rules\" class=\"pb-2 pt-4 heading-lg text-foreground\">Enhanced liability rules<\/h3>\n<div class=\"whitespace-pre-wrap break-words font-normal first:pt-0 last:pb-0 py-1 @md:pt-2 @md:pb-[10px] @md:leading-relaxed text-base leading-relaxed text-foreground\">The PSR extends refund rights for victims of Authorised Push Payment (APP) fraud and clarifies liability between PSPs and their customers, a significant upgrade from PSD2&#8217;s framework.<\/div>\n<h3 id=\"why-this-matters-for-companies\" class=\"pb-2 pt-4 heading-lg text-foreground\">Why this matters for companies<\/h3>\n<div class=\"whitespace-pre-wrap break-words font-normal first:pt-0 last:pb-0 py-1 @md:pt-2 @md:pb-[10px] @md:leading-relaxed text-base leading-relaxed text-foreground\">Technologies like <a class=\"break-all font-semibold transition-all duration-200 ease-in-out hover:underline text-highlight hover:text-highlight-400 active:text-highlight-dark\" title=\"https:\/\/trustpair.com\/automated-account-validation\/\" href=\"https:\/\/trustpair.com\/gb\/automated-account-validation\/\" target=\"_blank\" rel=\"noopener noreferrer\">Trustpair&#8217;s automated account validation platform<\/a> already deliver what PSR mandates: real-time verification of bank account details before any outgoing payment is processed. This detects suspicious changes to vendor bank details, flags duplicate payments, and blocks transfers to fraudulent accounts, going beyond what regulation alone requires.<\/div>\n<h2 id=\"what-is-the-psr-and-psd3-implementation-timeline\" class=\"pb-2 pt-4 heading-xl text-foreground\">What is the PSR and PSD3 implementation timeline?<\/h2>\n<div class=\"whitespace-pre-wrap break-words font-normal first:pt-0 last:pb-0 py-1 @md:pt-2 @md:pb-[10px] @md:leading-relaxed text-base leading-relaxed text-foreground\">The legislative journey of PSR and PSD3 has moved significantly since 2023. Here is the updated timeline as of July 2026<\/div>\n<ul class=\"list-disc pb-2 pl-6 flex flex-col gap-1 text-foreground text-base leading-relaxed\">\n<li class=\"break-words text-foreground text-base leading-relaxed\"><strong class=\"font-semibold text-foreground\">June 2023<\/strong>\u00a0\u2014 European Commission proposes PSD3 and PSR<\/li>\n<li class=\"break-words text-foreground text-base leading-relaxed\"><strong class=\"font-semibold text-foreground\">2024\u20132025<\/strong>\u00a0\u2014 European Parliament and Council review and negotiate draft texts<\/li>\n<li class=\"break-words text-foreground text-base leading-relaxed\"><strong class=\"font-semibold text-foreground\">November 2025<\/strong> \u2014 Provisional political agreement reached between Parliament and Council<\/li>\n<li class=\"break-words text-foreground text-base leading-relaxed\"><strong class=\"font-semibold text-foreground\">April 2026<\/strong> \u2014 Final compromise texts published (Council, 23 April 2026); ECON Committee vote (5 May 2026)<\/li>\n<li class=\"break-words text-foreground text-base leading-relaxed\"><strong class=\"font-semibold text-foreground\">H2 2026<\/strong>\u00a0\u2014 Expected publication in the EU Official Journal (June\u2013September 2026 window)<\/li>\n<li class=\"break-words text-foreground text-base leading-relaxed\"><strong class=\"font-semibold text-foreground\">2027<\/strong>\u00a0\u2014 Entry into force; 21-month transition period begins<\/li>\n<li class=\"break-words text-foreground text-base leading-relaxed\"><strong class=\"font-semibold text-foreground\">Mid-to-late 2027<\/strong>\u00a0\u2014 PSR begins to apply across all EU member states<\/li>\n<li class=\"break-words text-foreground text-base leading-relaxed\"><strong class=\"font-semibold text-foreground\">24 months after entry into force<\/strong> \u2014 IBAN-name check (Verification of Payee) obligation and related liability apply<\/li>\n<\/ul>\n<h2 id=\"how-should-businesses-prepare-for-psr-compliance\" class=\"pb-2 pt-4 heading-xl text-foreground\">How should businesses prepare for PSR compliance?<\/h2>\n<div class=\"whitespace-pre-wrap break-words font-normal first:pt-0 last:pb-0 py-1 @md:pt-2 @md:pb-[10px] @md:leading-relaxed text-base leading-relaxed text-foreground\">With the transition period expected to begin in 2026 and the PSR applying from 2027, preparation should start now. Key areas of focus:<\/div>\n<ol class=\"list-decimal pb-2 pl-6 flex flex-col gap-1 text-foreground text-base leading-relaxed\">\n<li class=\"break-words text-foreground text-base leading-relaxed\"><strong class=\"font-semibold text-foreground\">Upgrade payee verification processes<\/strong>\u00a0\u2014 Implement IBAN-name matching before executing any outgoing payment. Trustpair&#8217;s platform already automates this continuously, not just at onboarding.<\/li>\n<li class=\"break-words text-foreground text-base leading-relaxed\"><strong class=\"font-semibold text-foreground\">Review SCA setups<\/strong>\u00a0\u2014 Assess whether current authentication methods meet the updated requirements, including biometric and passkey support.<\/li>\n<li class=\"break-words text-foreground text-base leading-relaxed\"><strong class=\"font-semibold text-foreground\">Audit your open banking APIs<\/strong>\u00a0\u2014 Ensure third-party data access is consistent, well-documented, and secured to PSR standards.<\/li>\n<li class=\"break-words text-foreground text-base leading-relaxed\"><strong class=\"font-semibold text-foreground\">Map fraud data sharing obligations<\/strong>\u00a0\u2014 Identify which fraud signals should be shared with other PSPs and establish the operational processes.<\/li>\n<li class=\"break-words text-foreground text-base leading-relaxed\"><strong class=\"font-semibold text-foreground\">Update outsourcing and vendor contracts<\/strong> \u2014 Revisit agreements with technical service providers and SCA vendors to address liability allocation.<\/li>\n<li class=\"break-words text-foreground text-base leading-relaxed\"><strong class=\"font-semibold text-foreground\">Engage regulators early<\/strong>\u00a0\u2014 Open dialogue with national regulators on transition timelines and re-authorisation expectations (especially for PIs and EMIs under the merged licensing regime).<\/li>\n<\/ol>\n<h2 id=\"a-recap-of-the-payment-services-regulation\" class=\"pb-2 pt-4 heading-xl text-foreground\">A recap of the Payment Services Regulation<\/h2>\n<div class=\"whitespace-pre-wrap break-words font-normal first:pt-0 last:pb-0 py-1 @md:pt-2 @md:pb-[10px] @md:leading-relaxed text-base leading-relaxed text-foreground\">The Payment Services Regulation (PSR) is a landmark piece of EU payments legislation that will apply directly across all member states from 2027. Working alongside PSD3, it upgrades the fraud prevention, open banking, and consumer protection standards that PSD2 introduced \u2014 and removes the inconsistencies that came from 27 different national implementations.<\/div>\n<div class=\"whitespace-pre-wrap break-words font-normal first:pt-0 last:pb-0 py-1 @md:pt-2 @md:pb-[10px] @md:leading-relaxed text-base leading-relaxed text-foreground\">For finance, compliance, and treasury teams, the PSR is not just a regulatory checkbox. The mandatory IBAN-name verification requirement alone signals a shift: <strong class=\"font-semibold text-foreground\">knowing who you&#8217;re paying, and verifying it continuously, is becoming a legal baseline, <\/strong>not just a best practice.<\/div>\n<div>\u00a0<\/div>\n<div class=\"whitespace-pre-wrap break-words font-normal first:pt-0 last:pb-0 py-1 @md:pt-2 @md:pb-[10px] @md:leading-relaxed text-base leading-relaxed text-foreground\"><a class=\"break-all font-semibold transition-all duration-200 ease-in-out hover:underline text-highlight hover:text-highlight-400 active:text-highlight-dark\" title=\"https:\/\/trustpair.com\/automated-account-validation\/\" href=\"https:\/\/trustpair.com\/gb\/automated-account-validation\/\" target=\"_blank\" rel=\"noopener noreferrer\">Trustpair&#8217;s automated account validation platform<\/a> already meets and exceeds that baseline, validating supplier and counterparty bank details in real time, at every payment, to prevent fraud before it happens.<\/div>\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PSD2 felt like a bombshell piece of legislation when it first came in, with high hopes of open banking transformation. And while the regulation has been successful in some areas, inefficiencies like high fraud rates have also been identified, leading to the introduction of the PSR. The EU\u2019s recent report listed \u201cunharmonized implementation\u201d, \u201ccross-border difficulties\u201d [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":14893,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[114,148],"tags":[],"class_list":["post-14892","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-compliance-finance-gb","category-european-regulations-gb"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Payment services regulation: what differences with the PSD3? - Trustpair<\/title>\n<meta name=\"description\" content=\"Payment services regulation (PSR) will be implemented along with the PSD3. But what are the key differences between the two?\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/trustpair.com\/gb\/blog\/payment-services-regulation-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Payment services regulation: what differences with the PSD3? - Trustpair\" \/>\n<meta property=\"og:description\" content=\"Payment services regulation (PSR) will be implemented along with the PSD3. But what are the key differences between the two?\" \/>\n<meta property=\"og:url\" content=\"https:\/\/trustpair.com\/gb\/blog\/payment-services-regulation-2024\/\" \/>\n<meta property=\"og:site_name\" content=\"Trustpair\" \/>\n<meta property=\"article:published_time\" content=\"2026-07-22T08:06:31+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-07-22T08:25:33+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/trustpair.com\/wp-content\/uploads\/Shutterstock_1115071127-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"582\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Locuri P. Evocivesefe\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Locuri P. Evocivesefe\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/trustpair.com\\\/gb\\\/blog\\\/payment-services-regulation-2024\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/trustpair.com\\\/gb\\\/blog\\\/payment-services-regulation-2024\\\/\"},\"author\":{\"name\":\"Locuri P. Evocivesefe\",\"@id\":\"https:\\\/\\\/trustpair.com\\\/gb\\\/#\\\/schema\\\/person\\\/6ca8d3655b5d1c23965b73018663255a\"},\"headline\":\"Payment Services Regulation (PSR): Definition, Key Changes &amp; 2027 Timeline\",\"datePublished\":\"2026-07-22T08:06:31+00:00\",\"dateModified\":\"2026-07-22T08:25:33+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/trustpair.com\\\/gb\\\/blog\\\/payment-services-regulation-2024\\\/\"},\"wordCount\":1192,\"publisher\":{\"@id\":\"https:\\\/\\\/trustpair.com\\\/gb\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/trustpair.com\\\/gb\\\/blog\\\/payment-services-regulation-2024\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/trustpair.com\\\/wp-content\\\/uploads\\\/Shutterstock_1115071127-1.jpg\",\"articleSection\":[\"Compliance and Regulation\",\"European Regulations\"],\"inLanguage\":\"en-GB\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/trustpair.com\\\/gb\\\/blog\\\/payment-services-regulation-2024\\\/\",\"url\":\"https:\\\/\\\/trustpair.com\\\/gb\\\/blog\\\/payment-services-regulation-2024\\\/\",\"name\":\"Payment services regulation: what differences with the PSD3? - Trustpair\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/trustpair.com\\\/gb\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/trustpair.com\\\/gb\\\/blog\\\/payment-services-regulation-2024\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/trustpair.com\\\/gb\\\/blog\\\/payment-services-regulation-2024\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/trustpair.com\\\/wp-content\\\/uploads\\\/Shutterstock_1115071127-1.jpg\",\"datePublished\":\"2026-07-22T08:06:31+00:00\",\"dateModified\":\"2026-07-22T08:25:33+00:00\",\"description\":\"Payment services regulation (PSR) will be implemented along with the PSD3. But what are the key differences between the two?\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/trustpair.com\\\/gb\\\/blog\\\/payment-services-regulation-2024\\\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/trustpair.com\\\/gb\\\/blog\\\/payment-services-regulation-2024\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\\\/\\\/trustpair.com\\\/gb\\\/blog\\\/payment-services-regulation-2024\\\/#primaryimage\",\"url\":\"https:\\\/\\\/trustpair.com\\\/wp-content\\\/uploads\\\/Shutterstock_1115071127-1.jpg\",\"contentUrl\":\"https:\\\/\\\/trustpair.com\\\/wp-content\\\/uploads\\\/Shutterstock_1115071127-1.jpg\",\"width\":800,\"height\":582,\"caption\":\"payment services regulation\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/trustpair.com\\\/gb\\\/blog\\\/payment-services-regulation-2024\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/trustpair.com\\\/gb\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Payment Services Regulation (PSR): Definition, Key Changes &amp; 2027 Timeline\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/trustpair.com\\\/gb\\\/#website\",\"url\":\"https:\\\/\\\/trustpair.com\\\/gb\\\/\",\"name\":\"Trustpair\",\"description\":\"Leading Payment Fraud Prevention Platform\",\"publisher\":{\"@id\":\"https:\\\/\\\/trustpair.com\\\/gb\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/trustpair.com\\\/gb\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-GB\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/trustpair.com\\\/gb\\\/#organization\",\"name\":\"Trustpair\",\"url\":\"https:\\\/\\\/trustpair.com\\\/gb\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\\\/\\\/trustpair.com\\\/gb\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/trustpair.com\\\/wp-content\\\/uploads\\\/2024\\\/07\\\/Logo-trustpair.svg\",\"contentUrl\":\"https:\\\/\\\/trustpair.com\\\/wp-content\\\/uploads\\\/2024\\\/07\\\/Logo-trustpair.svg\",\"width\":304,\"height\":73,\"caption\":\"Trustpair\"},\"image\":{\"@id\":\"https:\\\/\\\/trustpair.com\\\/gb\\\/#\\\/schema\\\/logo\\\/image\\\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/trustpair.com\\\/gb\\\/#\\\/schema\\\/person\\\/6ca8d3655b5d1c23965b73018663255a\",\"name\":\"Locuri P. Evocivesefe\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/6cf1a803bb574a894df444a664d25fa7a7befb7c6a50849f3553e8dddb5b7a06?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/6cf1a803bb574a894df444a664d25fa7a7befb7c6a50849f3553e8dddb5b7a06?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/6cf1a803bb574a894df444a664d25fa7a7befb7c6a50849f3553e8dddb5b7a06?s=96&d=mm&r=g\",\"caption\":\"Locuri P. Evocivesefe\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Payment services regulation: what differences with the PSD3? - Trustpair","description":"Payment services regulation (PSR) will be implemented along with the PSD3. But what are the key differences between the two?","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/trustpair.com\/gb\/blog\/payment-services-regulation-2024\/","og_locale":"en_GB","og_type":"article","og_title":"Payment services regulation: what differences with the PSD3? - Trustpair","og_description":"Payment services regulation (PSR) will be implemented along with the PSD3. But what are the key differences between the two?","og_url":"https:\/\/trustpair.com\/gb\/blog\/payment-services-regulation-2024\/","og_site_name":"Trustpair","article_published_time":"2026-07-22T08:06:31+00:00","article_modified_time":"2026-07-22T08:25:33+00:00","og_image":[{"width":800,"height":582,"url":"https:\/\/trustpair.com\/wp-content\/uploads\/Shutterstock_1115071127-1.jpg","type":"image\/jpeg"}],"author":"Locuri P. Evocivesefe","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Locuri P. Evocivesefe","Estimated reading time":"6 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/trustpair.com\/gb\/blog\/payment-services-regulation-2024\/#article","isPartOf":{"@id":"https:\/\/trustpair.com\/gb\/blog\/payment-services-regulation-2024\/"},"author":{"name":"Locuri P. Evocivesefe","@id":"https:\/\/trustpair.com\/gb\/#\/schema\/person\/6ca8d3655b5d1c23965b73018663255a"},"headline":"Payment Services Regulation (PSR): Definition, Key Changes &amp; 2027 Timeline","datePublished":"2026-07-22T08:06:31+00:00","dateModified":"2026-07-22T08:25:33+00:00","mainEntityOfPage":{"@id":"https:\/\/trustpair.com\/gb\/blog\/payment-services-regulation-2024\/"},"wordCount":1192,"publisher":{"@id":"https:\/\/trustpair.com\/gb\/#organization"},"image":{"@id":"https:\/\/trustpair.com\/gb\/blog\/payment-services-regulation-2024\/#primaryimage"},"thumbnailUrl":"https:\/\/trustpair.com\/wp-content\/uploads\/Shutterstock_1115071127-1.jpg","articleSection":["Compliance and Regulation","European Regulations"],"inLanguage":"en-GB"},{"@type":"WebPage","@id":"https:\/\/trustpair.com\/gb\/blog\/payment-services-regulation-2024\/","url":"https:\/\/trustpair.com\/gb\/blog\/payment-services-regulation-2024\/","name":"Payment services regulation: what differences with the PSD3? - Trustpair","isPartOf":{"@id":"https:\/\/trustpair.com\/gb\/#website"},"primaryImageOfPage":{"@id":"https:\/\/trustpair.com\/gb\/blog\/payment-services-regulation-2024\/#primaryimage"},"image":{"@id":"https:\/\/trustpair.com\/gb\/blog\/payment-services-regulation-2024\/#primaryimage"},"thumbnailUrl":"https:\/\/trustpair.com\/wp-content\/uploads\/Shutterstock_1115071127-1.jpg","datePublished":"2026-07-22T08:06:31+00:00","dateModified":"2026-07-22T08:25:33+00:00","description":"Payment services regulation (PSR) will be implemented along with the PSD3. But what are the key differences between the two?","breadcrumb":{"@id":"https:\/\/trustpair.com\/gb\/blog\/payment-services-regulation-2024\/#breadcrumb"},"inLanguage":"en-GB","potentialAction":[{"@type":"ReadAction","target":["https:\/\/trustpair.com\/gb\/blog\/payment-services-regulation-2024\/"]}]},{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/trustpair.com\/gb\/blog\/payment-services-regulation-2024\/#primaryimage","url":"https:\/\/trustpair.com\/wp-content\/uploads\/Shutterstock_1115071127-1.jpg","contentUrl":"https:\/\/trustpair.com\/wp-content\/uploads\/Shutterstock_1115071127-1.jpg","width":800,"height":582,"caption":"payment services regulation"},{"@type":"BreadcrumbList","@id":"https:\/\/trustpair.com\/gb\/blog\/payment-services-regulation-2024\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/trustpair.com\/gb\/"},{"@type":"ListItem","position":2,"name":"Payment Services Regulation (PSR): Definition, Key Changes &amp; 2027 Timeline"}]},{"@type":"WebSite","@id":"https:\/\/trustpair.com\/gb\/#website","url":"https:\/\/trustpair.com\/gb\/","name":"Trustpair","description":"Leading Payment Fraud Prevention Platform","publisher":{"@id":"https:\/\/trustpair.com\/gb\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/trustpair.com\/gb\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-GB"},{"@type":"Organization","@id":"https:\/\/trustpair.com\/gb\/#organization","name":"Trustpair","url":"https:\/\/trustpair.com\/gb\/","logo":{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/trustpair.com\/gb\/#\/schema\/logo\/image\/","url":"https:\/\/trustpair.com\/wp-content\/uploads\/2024\/07\/Logo-trustpair.svg","contentUrl":"https:\/\/trustpair.com\/wp-content\/uploads\/2024\/07\/Logo-trustpair.svg","width":304,"height":73,"caption":"Trustpair"},"image":{"@id":"https:\/\/trustpair.com\/gb\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/trustpair.com\/gb\/#\/schema\/person\/6ca8d3655b5d1c23965b73018663255a","name":"Locuri P. Evocivesefe","image":{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/secure.gravatar.com\/avatar\/6cf1a803bb574a894df444a664d25fa7a7befb7c6a50849f3553e8dddb5b7a06?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/6cf1a803bb574a894df444a664d25fa7a7befb7c6a50849f3553e8dddb5b7a06?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/6cf1a803bb574a894df444a664d25fa7a7befb7c6a50849f3553e8dddb5b7a06?s=96&d=mm&r=g","caption":"Locuri P. Evocivesefe"}}]}},"_links":{"self":[{"href":"https:\/\/trustpair.com\/gb\/wp-json\/wp\/v2\/posts\/14892","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/trustpair.com\/gb\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/trustpair.com\/gb\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/trustpair.com\/gb\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/trustpair.com\/gb\/wp-json\/wp\/v2\/comments?post=14892"}],"version-history":[{"count":4,"href":"https:\/\/trustpair.com\/gb\/wp-json\/wp\/v2\/posts\/14892\/revisions"}],"predecessor-version":[{"id":31033,"href":"https:\/\/trustpair.com\/gb\/wp-json\/wp\/v2\/posts\/14892\/revisions\/31033"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/trustpair.com\/gb\/wp-json\/wp\/v2\/media\/14893"}],"wp:attachment":[{"href":"https:\/\/trustpair.com\/gb\/wp-json\/wp\/v2\/media?parent=14892"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/trustpair.com\/gb\/wp-json\/wp\/v2\/categories?post=14892"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/trustpair.com\/gb\/wp-json\/wp\/v2\/tags?post=14892"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}