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Beyond Compliance: The Legal Framework of PSD3 and PSR and the Future of Payments - PART 3

7. Fraud Prevention and Open Banking

The PSR emphasizes the importance of preventing fraudulent activities, particularly with the rise of open banking. The regulation ensures that:


  • Third-Party Providers (TPPs) and Equal Treatment by Account Servicing Payment Service Providers (ASPSPs).

    • Non-Discriminatory Treatment: Under PSD3, Payment Service Providers (PSPs) must treat Third-Party Providers (TPPs) fairly and equally, regardless of whether the TPP is a bank or a non-bank. This ensures that authorized third-party services can access payment accounts securely and in a standardised manner, fostering competition and innovation.

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