Regulatory
PSD2, PSD3 and the PSR, read from the text, wherever they bear on authentication, authorisation, liability and fraud.
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№ 1 · 20 Oct
5 min readRegulatory
The monitoring you have to prove
A passed 3DS challenge proves the customer answered it, and under the PSR compromise text that would not be enough. An issuer that cannot show the customer its monitoring ran would refund the payment, so what you assessed, and when, becomes the record that matters.
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№ 2 · 06 Oct
5 min readRegulatory
Authorised to do what?
Visa's rules make a cardholder responsible for an agent's purchase as if they initiated it. PSD2 asks whether they consented. A 2024 CJEU case on human proxies suggests what an issuer will have to prove, and the answer runs through the record of what the agent was told.
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№ 3 · 29 Sep
1 min readRegulatory Out of band
Agent indicator or intent record?
Six banks say any party holding a potential liability should be able to require authentication. In the EU that is the issuer, yet the published EMV 3DS specification has no field telling its ACS an agent is acting. Which signal should reach the ACS first?
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№ 4 · 22 Sep
3 min readRegulatory
Reading a Compromise Text
Four PSR articles with small textual changes and a changed obligation in each. A method for checking the obligations in your implementation plan against the April compromise, using the comparison and following its references.
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№ 5 · 15 Sep
2 min readRegulatory
Give your AI the source
Connect ChatGPT or Claude directly to paymentslaw.eu and check the sources behind an SCA answer. A free, read-only connection to 51 curated EU payments instruments, with provisions, source editions and citations you can open.
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№ 6 · 08 Sep
9 min readRegulatory
SCA gets a promotion
Strong customer authentication is being moved into a directly applicable regulation, not just amended. Your transition plan needs to separate what the text specifies, what waits on the EBA, and what it assumes about the handover. The law leaves that last part implicit.
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№ 7 · 01 Sep
3 min readRegulatory
Where the payments package actually is
A May forecast for summer publication has come and gone. The official record now points to December, and carries a status line that reads backwards until you know the procedure.
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№ 8 · 25 Aug
5 min readRegulatory
Three numbers that no longer exist
The PSD3 and PSR timetable has moved, but many summaries have not. The April 2026 compromise texts change the planning assumptions and contain two easily missed provisions that apply from entry into force.
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№ 9 · 04 May
5 min readRegulatory
Meet Alexandre Lamfalussy
PSD3 and the PSR have cleared trilogue. Coreper has the final texts. None of that tells you when the rules will apply to your business. A primer on the four-level framework that determines when EU payments regulation lands.
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№ 10 · 22 Aug
4 min readAI & Automation
Second-Order Thinking: What the UK's Age-Check Law Taught Us About Regulation (and Why It Matters for AI)
Politicians love declaring victory. A new law passes, the metrics move in the right direction, and success is proclaimed. But in complex systems, the first metric to move is rarely the one that matters most.
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№ 11 · 18 Jul
4 min readRegulatory
The £42 Million Lesson: What Barclays' FCA Fine Teaches the Digital Payments Industry
Barclays' £42m FCA fine for "one simple check" failure offers crucial lessons for digital payments. Analysis of how basic compliance gaps facilitated £46.8m in money laundering and what fintech, eCommerce and payment firms must do to avoid similar costly mistakes in an evolving regulatory landscape.
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№ 12 · 09 Jul
5 min readRegulatory
When Systems Meet Reality: The Vocalink Fine and Lessons for Infrastructure Governance
When critical reports warning of "serious un-remediated issues" sit buried in email chains while boards sign compliance confirmations, something has gone catastrophically wrong. The Vocalink case reveals how even well-intentioned governance systems can fail when information flows break down.