PSD3 and the Payment Services Regulation are not in the Official Journal yet

Why the publication date matters

Every deadline in the package counts from entry into force, and entry into force follows publication: on the date the act itself sets, or otherwise on the twentieth day after it (Article 297 TFEU). Summaries of the agreed text by PwC and Dudkowiak put the general application of the regulation at 21 months after entry into force, with the same period for transposing the directive.

Some parts come later. Verification of payee for transfers outside the Instant Payments Regulation follows at 27 months by their reading, and electronic money institutions get a transition of the same length to obtain a payment institution licence. The same summaries describe a refund right for victims of impersonation fraud, where a fraudster poses as the customer's bank. That rule shifts the loss to the provider in defined cases. It is the provision banks and payment institutions will want to model first, because it turns a fraud they do not control into a cost on their own books.

Until the regulation is published, none of these clocks has started.