Concluding Remarks

With non-banks entering the market for electronic payments (Payments), the European legislature considered it important to have a financial services regulatory framework that contributes to the establishment of a level playing field between banks and non-banks. In this regard, the following elements of the European legislative framework are considered to be of particular relevance: (i) market access requirements for non-banks; (ii) the security of the Payments market; (iii) the integrity of the Payments market; (iv) payment service user protection in case of an unauthorised or erroneous Payment; (v) payment system access; and (vi) collaboration between competing payment service providers to develop common standards for fostering interoperability. This chapter summarises the main observations regarding these elements in the context of the level playing field. In addition, this chapter covers the main changes of the PSD3 and PSR proposals that have been published by the European Commission in June 2023.