Final PSD3 and PSR compromise texts signal the shape of Europe’s next payments regime

Publication of the final compromise texts for PSD3 and the Payment Services Regulation (PSR) gives the industry its clearest view yet of the rules that will replace PSD2, with material changes to open banking access, fraud liability and national implementation.

Legal analyses published this week – from A&O Shearman and Matheson – examine the final compromise texts now circulating ahead of formal adoption. The split structure, a directly applicable regulation (PSR) paired with a directive (PSD3), is designed to close the implementation gaps that fragmented PSD2 across member states. The PSR will standardise payment execution, fraud prevention and open banking access rules without requiring national transposition, while PSD3 handles licensing and supervision.

For banks and payment institutions, the practical implications are substantial. The PSR tightens fraud liability frameworks and refines the conditions under which third-party providers can access payment accounts, moving beyond the screen-scraping ambiguities that dogged PSD2. A Finextra analysis argues the package demands more than compliance – it requires banks to rethink how they deliver payment services, particularly around data sharing and customer authentication.

The texts are expected to be formally adopted in the coming months, with an implementation timeline that will give firms a transition window. But the direction is now set: more harmonisation, stronger consumer protections and a broader open banking framework that edges toward open finance.

Editorial note: The publication of final compromise texts is the most consequential regulatory development in today’s feed, giving European payments firms the definitive basis for implementation planning.

Sources: Final compromise texts for proposed Payment Services Package published — A&O Shearman via JD Supra | PSD3 and PSR published: what’s changing for EU payment services? — Lexology | When compliance is not enough: PSR and PSD3 demand a new mindset from banks — Finextra

Nexi brings Wero to German e-commerce, testing account-to-account payments at checkout

Nexi’s launch of Wero for online payments in Germany marks the first major acquirer integration of the EPI-backed scheme in e-commerce, a practical test of whether account-to-account payments can gain traction at the point of sale.

Nexi has begun offering Wero as a payment method for German e-commerce merchants, making it one of the first large acquirers to integrate the European Payments Initiative’s account-to-account scheme into online checkout. The move takes Wero beyond peer-to-peer transfers – where it launched – and into the merchant payments space where it will compete directly with cards and established wallets.

The significance lies in distribution. Wero’s viability as an alternative to card networks depends on whether acquirers and payment service providers build it into their merchant offerings. Nexi, as one of Europe’s largest payment processors, provides meaningful scale in the German market. But the real test is consumer adoption at checkout, where card-on-file habits and established wallet preferences create substantial inertia. Germany’s relatively high share of bank-transfer-based payments may make it more receptive territory than other European markets.

This is a story to watch rather than celebrate. Account-to-account payment schemes have struggled to convert merchant acceptance into consumer usage elsewhere. Wero’s progress in German e-commerce over the next 12 months will be a credible indicator of whether EPI can deliver on its ambitions.

Editorial note: Wero’s move into e-commerce via a major acquirer is a material step for the EPI scheme, and Germany is a strategically important test market.

Sources: Nexi launches Wero for eCommerce in Germany — IBS Intelligence