On 6 February 2025, there was published in the Official Journal of the EU, Decision (EU) 2025/222 of the European Central Bank of 27 January 2025 on access by non-bank payment service providers to Eurosystem central bank operated payment systems and central bank accounts. The Decision seeks to enhance the efficiency and smooth functioning of
Payment services
PSD2: Correction to Commission Delegated Regulation (EU) 2017/2055
On 31 January 2025, there was published in the Official Journal of the EU (OJ), Commission Delegated Regulation (EU) 2025/212 of 13 September 2024 correcting Commission Delegated Regulation (EU) 2017/2055 supplementing Directive (EU) 2015/2366 of the European Parliament and of the Council with regard to regulatory technical standards for the cooperation and exchange…
EBA repeals the guidelines on major incident reporting under the PSD2
On 17 January 2025, the European Banking Authority (EBA) issued a press release stating that it had repealed its guidelines on major incidents reporting under the revised Payment Services Directive (PSD2) due to the application of harmonised incident reporting under the Digital Operational Resilience Act (DORA) from 17 January…
CPMI report on tokenisation highlights the opportunities, risks and future considerations for central banks

On 21 October 2024, the Committee on Payments and Market Infrastructure (CPMI) issued a report on tokenisation.
The purpose of this report is to describe ways that tokenisation may affect the functioning of regulated financial markets. It critically analyses opportunities, challenges and risks, and identifies the most relevant implications for central banks and…
PSD3, PSR and FIDAR: What firms need to know and how they should prepare
In the summer of 2023, the European Commission issued a payment services legislative package which amends the existing Payment Services Directive 2 (PSD2). A new Directive, PSD3, was proposed together with a Regulation, the Payment Services Regulation (PSR). In addition, a further Regulation was proposed, a Regulation on a Framework for…
Commission clarifies requirements on the Instant Payments Regulation
On 23 July 2024, the European Commission issued Q&As on Instant Payments Regulation (IPR) implementation.
The IPR entered into force on 8 April 2024 and a first set of obligations for payment service providers will have to be complied with as of 9 January 2025.
The Q&As are the product of two online…
Eurosystem sets policy on access by non-bank payment service providers to its central bank payment systems
On 19 July 2024, the European Central Bank (ECB) issued a press release stating that the Eurosystem has defined a harmonised policy to allow non-bank payment service providers (PSPs) to access central bank-operated payment systems, including TARGET. Non-bank PSPs include payment institutions (PIs) and electronic money institutions (EMIs…
EBA report on virtual IBANs
On 24 May 2024, the European Banking Authority (EBA) issued a report on virtual IBANs (vIBANs).
IBANs are commonly used as payment account identifiers across the EU. More generally, IBANs are mandated in some 60 jurisdictions in the world, with over 20 jurisdictions recommending its use for cross-border payments. The new…
ECB opinion on PSR and PSD 3

On 7 May 2024, the Council of the EU published the European Central Bank’s opinion on the proposed Regulation on payment services in the internal market and the proposed Directive on payment services and electronic money services repealing Directives 2015/2366/EU and 2009/110/EC. A technical working document produced in connection with the ECB opinion has also…
Published in OJ – Updated ECB guideline on a new-generation Trans-European Automated Real-time Gross Settlement Express Transfer system.

On 27 October 2023, there was published in the Official Journal of the EU (OJ) Guideline (EU) 2023/2415 of the European Central Bank of 7 September 2023 amending Guideline (EU) 2022/912 on a new-generation Trans-European Automated Real-time Gross Settlement Express Transfer system. Guideline (EU) 2023/2415 amends Guideline (EU) 2022/912 (ECB/2022/8). The amendments:…