European Union: European Commission submitted proposal for a Regulation on Payment Services in the Internal Market

On 28 June 2023, the European Commission issued a proposal for a regulation on payment services in the internal market as part of the review of the Second Payment Services Directive (PSD2). The proposal aims to enhance the processing of personal data in payment services while aligning with the General Data Protection Regulation (GDPR). It seeks to regulate, among other things, data access in payment system and by payment service providers in order to improve economic outcomes for financial services customers and financial sector firms.